Litecoin (LTC) reflected the weakness of the entire cryptocurrency market in 2022. The digital asset, however, has promising prospects ahead of it, due to the fact that developer activity on the blockchain remains high and that the MWEB update went as planned.
Did Litecoin benefit from the latest MWEB update?
The highly anticipated and privacy-focused Mimblewimble Extension Blocks (MWEB) update went live on May 20, giving Litecoin users the ability to send and receive “private” transactions online.
Although the MWEB upgrade did not contribute to a direct increase in the price of the cryptocurrency – which is mainly due to the bearish sentiment in the crypto market – it certainly improved Litecoin’s prospects as a payment system.
According to the Litecoin website, the MWEB can be seen as an extension of the Litecoin mainchain, which can be used to send coins to the extension block and send them back to the mainchain.
It was also mentioned that users will have the option to send confidential transactions in LTC where only the sender and receiver know the amounts sent. The update will also increase transaction throughput and allow MWEB addresses to hide account balances.
On the other hand, there have also been voices in the market that the new privacy feature will make Litecoin a target for governments and regulators who view private cryptocurrencies as facilitating money laundering and financing. of terrorism.
Major cryptocurrency exchanges in South Korea recently reported that Litecoin may be pulled from the market due to government restrictions.
Litecoin is a more promising cryptocurrency than Bitcoin?
Litecoin is a decentralized peer-to-peer cryptocurrency that aims to be “the future of global payments”. The Litecoin project was inspired by Bitcoin and shares many features with this top cryptocurrency, such as proof-of-work (PoW) consensus.
Litecoin was launched in 2011 as a “smaller version of Bitcoin”. Its goal was to fix Bitcoin’s shortcomings and create a more convenient cryptocurrency for everyday transactions.
So what makes Litecoin different from Bitcoin?
Litecoin allows faster transactions with lower fees than Bitcoin. According to data from cryptocurrency analytics firm Blockchair on May 26, the block confirmation time on the Litecoin network was around two minutes, compared to 11 minutes on the Bitcoin network. SLD’s average 24-hour transaction fee was $0.01. against $2.17 in BTC.
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Another difference is the maximum supply of these two cryptocurrencies. Although both have a hard cap, Litecoin is capped at 84 million units, while Bitcoin is capped at 21 million units. As BTC has evolved into the storage of value, LTC is on its way to becoming “the money to Bitcoin gold,” as its founder Charlie Lee put it.
It should also be added that Litecoin is currently one of the most accepted cryptocurrencies when making payments. Cryptocurrency payment processors that accept LTC payments include Coinbase, bitpay, NOWPayments, coingate, Aliant, and CoinPayments. E-commerce platforms like Shopify and WooCommerce also give online stores the ability to accept payments with this digital asset.
– Given Litecoin’s ability to process transactions in a faster, cheaper, and more accessible way, it may be able to target high-volume traders, including exchanges and traders. – wrote digital currency asset manager Grayscale.
What is the latest Litecoin prediction after the MWEB update?
Currently, technical indicators presented by CoinCodex show that the current sentiment for the digital asset is bearish, while the Fear and Greed Index shows “extreme fear” among LTC investors.
Forecasts prepared by Wallet Investor predict that Litecoin will reach an average price of $103,638. by the end of 2022, $141,563 by the end of 2023 and close by the end of 2025 at $203,405.
In turn, according to Price Prediction forecasts, the token could reach an average price of $83.05. in 2022, rising to $257.23 through 2025 and beyond to $1,617.92 by 2030
DigitalCoin’s recent LTC forecast predicts that the price of the token could reach an average of $89.99 in 2022. DigitalCoin suggested that Litecoin’s value could peak at $143.76. by 2025 and $326.44 by 2030
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