Litecoin (CCC:LTC-USD) has been relatively quiet through the first month of 2022, at least from a news standpoint. From a price standpoint, it couldn’t be louder; the coin has been shaving value over the last four weeks with fervor, ultimately losing $40 from its Jan. 1 price. But it appears the coin has found its floor, and now it’s ready to begin climbing upward once again. And thanks to a new upgrade, Litecoin price predictions are bullish.
Today’s news is the result of an effort by Litecoin developers that has stretched over two years at this point. The team has been hard at work to usher in the MimbleWimble upgrade to the network, and this week it’s finally happening.
MimbleWimble isn’t a code name for the upgrade — it’s the technology the developers are implementing. MimbleWimble is a blockchain protocol that emphasizes security, and it has been used by a number of networks since its inception. The protocol uses its own special brand of cryptography, called Elliptic Curve Cryptography (ECC), in order to keep users’ data private. It is through this new protocol that users will be able to make their transactions untraceable by others.
Litecoin Price Predictions Heat Up as MimbleWimble Finally Goes Live
After beginning development on the MimbleWimble upgrade in October 2020, the Litecoin team announced the release of the upgrade today.
The Litecoin team calls the update “the largest upgrade to the Litecoin network ever.” As such, this is obviously huge news for LTC bulls. With that said, just how much do analysts expect Litecoin to grow with the rollout of this long-awaited upgrade? Let’s take a look at some Litecoin price predictions and see:
- CoinPriceForecast sees plenty of growth in the coin throughout 2022. The site forecasts a year-end price of $192.
- DigitalCoinPrice is not quite as bullish; the outlet forecasts a year-end price of $150 for the coin.
- WalletInvestor’s 12-month prediction for LTC sees a $178.67 price for the coin by next January.
- The most bullish of the pack, Gov Capital, expects LTC to reach $246.85 by January 2023.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.