A Network Upgrade Named After A Tongue-Tying Harry Potter Curse Is Sending Litecoin Higher Today
Litecoin (CRYPTO: LTC) traded higher amid the buzz surrounding the “Mimblewimble” upgrade early Wednesday morning.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 3.5% |
| 24-hour against Bitcoin (CRYPTO: BTC) | 3.5% |
| 24-hour against Ethereum (CRYPTO: ETH) | 2.45 |
| 7-day | 4.2% |
| 30-day | -23.7% |
|
YTD performance
|
-24.1% |
See Also: How To Buy Litecoin (LTC)
Why It’s Moving? Litecoin, a hard fork of Bitcoin, traded higher at press time even though major coins were flat and the global cryptocurrency market cap remained mostly unchanged at $1.8 trillion.
The Charlie Lee-created coin released the MWEB upgrade on Tuesday. The long-awaited upgrade, dubbed “Mimblewimble,” enables more privacy-related features on the network.
Mimblewimble protocol makes a reference to the Harry Potter series of books by the author J.K. Rowling. The protocol allows users to hide transactions.
After years of hard work, we are finally ready to release MWEB.
Both MWEB and Taproot are part of Litecoin Core v0.21.2. We will first do a release candidate v0.21.2rc1. Litecoin devs and I are currently building the binaries. We will release them when they are done. https://t.co/mzLewY2BhR pic.twitter.com/Gi6MEGVGmC
— Charlie Lee (@SatoshiLite) January 31, 2022
Lee told Bloomberg in an interview that M-Web technology was complicated as it involves using cryptography to hide the amount of transaction but also do so in a way that’s scalable.
As per Lee, the upgrade adds an element of “fungibility” to Litecoin that was missing in both BTC and LTC due to the “transparency of the blockchain.”
LTC was among the most mentioned coins on Twitter. It attracted 1,120 tweets, according to Cointrendz data.
The most mentioned coins Bitcoin, Ethereum, and Fantom, which attracted 8,863, 5,195, and 2,270 tweets respectively.
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