Litecoin (LTC) reflected the weakness of the entire cryptocurrency market in 2022. The digital asset, however, has some promising forecasts ahead of it, due to the fact that developer activity on the blockchain remains high and the MWEB update went as planned.
Has Litecoin benefited from the latest MWEB update?
The much-anticipated, privacy-focused Mimblewimble Extension Blocks (MWEB) update went live on May 20, giving Litecoin users the ability to send and receive “confidential” transactions online. While the MWEB upgrade did not contribute to a direct increase in the price of the cryptocurrency – which is mainly due to bearish sentiment across the crypto market – it has certainly improved Litecoin’s outlook as a payment system. According to Litecoin’s website, the MWEB can be viewed as an extension of the Litecoin main chain, which can be used to send coins to the extension block and back to the main chain. It was also stated that users will have the option to send confidential transactions in LTC where only the sender and recipient 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 see private cryptocurrencies as facilitating money laundering and terrorist financing. Top cryptocurrency exchanges in South Korea recently signaled that Litecoin could be withdrawn from the market due to government restrictions.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 leading cryptocurrency, such as proof-of-work (PoW) consensus.
Litecoin was launched in 2011 as a “smaller version of Bitcoin”. Its goal was to correct Bitcoin’s shortcomings and create a cryptocurrency that would be more practical for everyday transactions.
So what makes Litecoin different from Bitcoin?
Litecoin provides faster transactions with lower fees than Bitcoin. According to data from the May 26 cryptocurrency analysis company Blockchair, the block confirmation time on the Litecoin network was around two minutes, compared to 11 minutes on the Bitcoin network. The average 24-hour LTC transaction fee was $ 0.01. compared with $ 2.17 in BTC.
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START INVESTING Another difference is the maximum supply of these two cryptocurrencies. While both have a hard cap, Litecoin is limited to 84 million units, while Bitcoin is limited to 21 million units. While BTC has evolved into value storage, LTC is on the way to becoming “silver over Bitcoin gold” as its founder Charlie Lee put it. It is also worth adding 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 are the latest Litecoin predictions after the MWEB update?
Currently, the 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 Litecoin will rise to an average price of $ 103,638. by the end of 2022, $ 141,563 by the end of 2023 and close by 2025 at $ 203.405. In turn, according to the forecast by Price Prediction, the token may reach an average price of $ 83.05. in 2022, to increase to $ 257.23 until 2025 and further to $ 1,617.92. by 2030 The latest LTC forecast from DigitalCoin predicts that in 2022 the token price could reach an average value of $ 89.99. DigitalCoin suggested that Litecoin’s value could peak at $ 143.76. by 2025 and $ 326.44 by 2030 The rest of the article can be found here
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