MimbleWimble extension blocks activated on Litecoin, LTC price movement

By: Milko Trajcevski
Milko Trajcevski
Milko is a Financial Analyst covering the cryptocurrency markets. He started his career trading fiat currencies before immersing himself… read more.
on May 23, 2022
  • Litecoin officially announced the activation of MimbleWimble Extension Blocks (MWEB).
  • On May 2, 2022, Litecoin reached 75% network consensus, which was a threshold required for activation.
  • MWEB was officially locked in for activation at block height 2257920.

Litecoin LTC/USD is a cryptocurrency that was developed from a fork of the Bitcoin BTC/USD blockchain network in 2011. This makes it one of the oldest cryptocurrencies that is still actively running and developing.

The Litecoin blockchain network utilizes cryptography as a means of enabling ownership and exchange of its cryptocurrency, LTC. The maximum number of LTC tokens that can ever be created is capped at 84 million.

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The activation of MimbleWimble Extension Blocks (MWEB) as a catalyst for growth

Litecoin, throughout its year being active within the crypto space, has been seen by many as a testnet for Bitcoin.

This was the case when Segregated Witness (SegWit) was launched, for example, where it first got activated on Litecoin in April of 2017, prior to Bitcoin’s activation.

While Litecoin is by definition not a testnet, another reason why it is seen this way is through the latest  MimbleWimble Extension Blocks (MWEB) activation as well.

Vlad Costea, the founder of Bitcoin Takeover, made an announcement on Twitter that he is in favor of bringing this development to the Bitcoin blockchain as well.

MimbleWimble is a privacy-focused decentralized protocol that has the main goal of improving Litecoin’s viability as a fungible currency, which can be used for real-world transactions through the process of lowering costs whilst also increasing privacy throughput and scalability. 

On April 9, 2022, we covered how Litecoin was nearing the full rollout of this upgrade.

On May 20, 2022, we saw an announcement by the Litecoin Foundation and Charlie Lee that MWEB has been officially activated. Charlie Lee is the creator of Litecoin (LTC).

Should you buy Litecoin (LTC)?

On May 23, 2022, Litecoin (LTC) had a value of $71.89.

To truly see what this value point indicates for the overall value as well as the future of the LTC cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.

Litecoin (LTC) had its all-time high on May 10, 2021, when the token reached a value of $410.26.

When we take a look at its performance throughout the previous month, however, Litecoin (LTC) had its highest point of value on April 4 at $128.95. Its lowest was on April 29 at $99.1.

Here we can see a decrease in value of $29.85 or by 23%.

However, with the activation of MWEB, we can expect Litecoin (LTC) to start climbing up in value and reach $100 by the end of June 2022.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.