Litecoin price jumps after MimbleWimble update enables confidential transactions
- Lead developers at Litecoin have confirmed the official release of Mimblewimble Extension Block upgrade.
- The upgrade boosts the security and privacy of transactions on the Litecoin network.
- The Litecoin community can activate the upgrade at the end of the signaling process, locking in the activation date.
- Analysts have evaluated the Litecoin price trend and predicted a bullish breakout.
Litecoin developers revealed the altcoin’s latest upgrade – an improvement to security. Analysts hold a bullish view on Litecoin price.
Litecoin’s upgrade ready to go live with Core 0.21.2 release
After years of development and testing, Litecoin’s MimbleWimble Extension Block (MWEB) upgrade was released on January 31, 2022. David Burkett, the lead developer behind the MWEB project, has confirmed that the extension block is included in the Core 0.21.2 release upgrade.
The new upgrade enhances the Litecoin network’s security and boosts the privacy of transactions on the blockchain. This enables confidential transactions on Litecoin's network.
Litecoin’s new core release includes the privacy-enhancing Taproot upgrade alongside MWEB.
Quarkslab, a security and code auditing company, reviewed MWEB and commented:
The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain.
The next step in the process involves the Litecoin community signaling its readiness for MWEB activation; once miners meet the threshold, a date will be locked in. The MWEB upgrade will go live on the set activation date, boosting the privacy of transactions on the Litecoin network.
Analysts who have evaluated the Litecoin price trend, have noted it is forming a massive 256-week bullish divergence against Bitcoin.
@misconfig_exe, a pseudonymous cryptocurrency analyst, believes that a five-year divergence between growing relative strength at the current price may look bearish at the surface; however, it is the sign of a bullish breakout. The analyst has predicted a rally in Litecoin.
$LTC is forming a MASSIVE 256-week BULLish divergence against $BTC. That's a nearly-5 year divergence between GROWING RELATIVE STRENGTH while price has just barely made a new lower low.
— YearofTheBULL @misconfig_exe $LTC (@misconfig_exe) January 25, 2022
Things may look bad on the surface, but when you understand what's below..#Litecoin #Bitcoin pic.twitter.com/xk8tLOTO22
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
