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Litecoin is trading at $114.2, the highest level since the 27th of January.
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Release of MimbleWible to positively affect Litecoin.
Source – TradingView
From the above chart, Litecoin is trading in the green today with the biggest gain since we, mirroring the prevailing attitude in the crypto market. LTC is now trading at $114,21, representing a 4.4% percent profit in 24 hours.
The rise in the value of Litecoin has been fueled by a respite in the prices of bigger cryptocurrencies like Bitcoin and Ethereum. The market has been displaying bullish momentum in lower levels and might see further gains in the following weeks.
The recent selling pressure caused by macroeconomic considerations has been and will continue to be alleviated in February. Some analysts believe this month of February has traditionally been optimistic for Litecoin and the crypto industry.
Release of MimbleWimble
Without a doubt, the subsequent declaration of LTC's MimbleWimble development as either a Release Candidate or beta might have a positive long-term influence on Litecoin. The update has been in the works for many years and is one of the most anticipated product launches for this cryptocurrency in its community.
The news was made on Twitter by the MimbleWimble's and Litecoin Foundation's primary creator, David Burkett. Burkett used the MWEB extension to release the first LTC domains, which may be viewed below.
The developer began focusing on this update in 2019, and as the Foundation stated, MimbleWimble would be included in this cryptocurrency's Core 0.21.2 version sample with an extra privacy-related enhancement.
According to Guy Corem, MimbleWimble will be authorized by the Litecoin network if 6,048 nodes are alert for its deployment beginning at block heigh 2,217,600. Before this time ends, the update must be accepted by 75% of the LTC nodes.
The Litecoin Foundation confirmed that the community and miners might start pushing for MimbleWimble when they get the update code. The commencement date for the execution of this plan will be set after the stated threshold is met.