With New Privacy Technology, Litecoin Should Gain Popularity.

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LTC crypto is a cheaper way to play the rise in Bitcoin


litecoin (LTC-USD) is experiencing difficulties. Since its recent peak of $278.01 on November 13, the 20th largest cryptocurrency, according to Coinmarketcap.com, has taken a beating. LTC cryptocurrency was worth $19.2 billion at the moment. However, as of February 11, it had dropped to $125.18, with a market value of only $8.7 billion.


Price and market value have fallen by 45 percent in the last three months. This makes it difficult for investors to consider investing in bitcoin and jeopardizes the currency's legitimacy.


However, the good news is that LTC crypto is still significantly higher than its all-time low of $100.70 on January 24, 2022. It is 25 percent more than the Friday price of $125.18. This gives some optimism to disheartened investors who had given up hope on the cryptocurrency ever making a significant comeback.


Where Things Stand With litecoin


The future of Litecoin is heavily tied with the future of Bitcoin (BTC-USD). In reality, it began as a "lighter" form of Bitcoin. litecoin's founder, Charlie Lee, is frequently quoted as claiming that litecoin is the digital silver to Bitcoin's gold.


litecoin is unlikely to recover this year until Bitcoin appears to be on the mend. Since hitting a low of $33,519 on Jan. 24 with Litecoin, it has gradually risen to more than $42,448 as of Feb. 11. As can be seen, the upward trajectory of litecoin is significantly associated with that of Bitcoin.


Since the beginning of the year, litecoin has gradually made progress in terms of establishing new partnerships and executing updates. For example, the Litecoin Foundation announced the debut of Mimblewimble, a "pivotal new update," on January 31.


Mimblewimble Extension Blockchain (MWEB)


This improvement, according to the online journal CoinTelegraph, enables for more private network transactions. Every transaction on the cryptocurrency blockchain, for example, is visible to all investors and observers. This new improvement will allow certain transactions to be kept private while still being validated for each end user in the transaction.


Some believe that this is critical to the evolution of cryptocurrencies and blockchain, particularly in terms of corporate and personal account security. Others, on the other hand, are concerned that it would encourage illegal conduct, such as currency laundering within the blockchain network.


The Mimblewimble Extension Block (MWEB) enables users to opt-in as needed to perform confidential transactions. Large sums of money can thus be sent while remaining anonymous.


The Foundation believes that possessing this critical MWEB technology will allow Litecoin to be regarded as "sound money" in the long term. This broadens its appeal as a transactional currency, a store of value, and a means of payment for a growing number of retailers.


Privacy coins and crypto obfuscation technology, such as Mimblewimble, have, nevertheless, come under fire in some quarters. It undermines Web 3.0's decentralized character, and some governments are concerned that it may permit enormous amounts of illicit activity.


litecoin has so far resisted this in order to ensure that its currency has a global appeal. After all, it is an opt-in feature, and only individuals who wish to have their transactions hidden will have it implemented.


What to Do With LTC Crypto


This MWEB functionality distinguishes LTC crypto from Bitcoin and other digital payment-oriented cryptos. Nonetheless, according to Coinmarketcap's LTC crypto stat page, Litecoin still maintains a 90% connection with Bitcoin. According to Investopedia, the rise and fall correlation with Bitcoin is certainly attributable to Litecoin's founders' decision for this to continue.


So, for the time being, it appears that Litecoin will follow Bitcoin, at least in the short run. Clearly, both currencies are in an extended "winter" period. However, if the skies clear, anticipate LTC crypto to make a huge return as it follows Bitcoin.

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  1. Litecoin is not the best decision if you want to keep your transactions untraceable. If you want to use privacy coins, try Monero. But don't forget to trade it on no KYC decentralized exchanges like Crypton exchange from Utopia p2p https://crp.is/exchange/xmr_usdt As the coin itself won't give you anonymity if you have to share your ID within a wallet or exchange.

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