Litecoin has started the month with a surge. The token has jumped and it is still green.
At the time of writing, it was up 5.44% according to the CoinMarketCap. It hit a high of $111.45 and a low of $105.02 in the last 24 hours.
But why is the LTC coin rallying? Let’s take a deep dive to examine what is behind the current LTC price hike.
What is Litecoin?
Before we delve into the current Litecoin bullish trend, it is important to familiarise ourselves with the Mimblewimble upgrade and Litecoin blockchain.
Litecoin is a blockchain designed to provide secure, fast, and low-cost payments using blockchain technology. LTC is its native token.
Mimblewimble upgrade introduces a unique security framework that aims at ensuring that the transaction done through the Litecoin network are secure.
Why is Litecoin (LTC) price rallying?
Litecoin has seen a bullish momentum after the long-awaited Mimblewimble upgrade was completed. Litecoin platform has been under development for two years and it shall go to a great length of providing a high privacy-focused transaction to the network.
The upgrade through the Mimblewimble Extension Block (MWEB). It aims at helping users do their transactions confidently. After the upgrade, the network has renewed its on-chain strength.
The current price boost of Litecoin has been mainly contributed by the upgrade that together with the macro factors has triggered the selling pressure and will remain mitigated in February. The massive bullish trend is expected to continue.
The recent upgrade stands to be among the most hyped integration for Litecoin to its community.
LTC MWEB activation rules:
> Every 8064 block window starting at block height 2,217,600 it checks if at least 6048 signaled for bit 4. If yes, it activates in the next window. After 2,427,264, if it still hasn’t met 75%, it activates anyway.
— Guy Corem (@vcorem) January 30, 2022
After getting the integration code, the Litecoin community and miners can start signing in for Mimblewimble. The activation date for the proposal will then be determined once the limits are concluded.