Did MimbleWimble work its magic on Litecoin?

Sahana Kiran
Source – Pixabay

If you’re wondering if Harry Potter has collaborated with Litecoin [LTC], the answer is no. MimbleWimble isn’t just a spell anymore. Thanks to the Litecoin network, MimbleWimble [MW] is a whole new blockchain protocol. Just like how the spell ties the target’s tongue in a knot, here, in the crypto-verse, it ties details about transactions into a knot. MW has been in the works for years now, but only recently did updates about the protocol begin rolling out.

Litecoin’s pathway to privacy, MW made its debut in February of this year. This integration is expected to revolutionize the entire LTC market. It seems like some of them might have got a sniff of this.

Old but not forgotten

Litecoin remained in the coveted top ten for the longest time. However, the onset of new currencies pushed the OG altcoin down. Ever since LTC has maintained a rather low profile. Things have taken a different turn since December 2021. It was revealed that the transaction volume of the altcoin was high throughout early December.

At present, the daily transaction volume of Litecoin was at $742.83 million.

This seemed to have no effect on the price of the altcoin. LTC has experienced nothing but downtrends with dainty surges. Litecoin is in fact 70 percent down from its all-time high of $412.96.

During press time, LTC was in a slump. With a 1.3 percent drop over the last 24-hours, Litecoin was trading for $125.27.

Will Litecoin find its way back into the top 10?

This far-fetched speculation was being discussed in the market following the latest update about MW. Just last week, Charlie Lee, the creator of Litecoin affirmed that the 6 largest LTC pools representing 95 percent of the hash rate were in the loop for MW integration.

Additionally, this could mean that users would soon be able to carry out private transactions on the network. While this would attract more users into the market, the possibility of a surge in price and market cap was likely to occur.

Currently, LTC sits in the twenty-second position with a market cap of $8.77 billion.