The blockchain world is seeing a trend recently of networks rolling out big time upgrades. As the number of total users of blockchain continues to rise, these networks naturally want to get as much of the market share as possible. Thus, networks are making big shows out of their upgrades, lauding green technology, high scalability, low fees and other important factors a user will consider when looking into a platform. Litecoin (CCC:LTC-USD) is among the many networks undergoing big changes, thanks to its “MimbleWimble” upgrade. After much anticipation, it seems like Litecoin could finally be seeing the new protocol hitting its network. Investors are seeking out Litecoin price predictions to see if analysts believe the upgrade to be a significant catalyst.
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MimbleWimble isn’t a technology that’s native to the Litecoin protocol. Rather, it’s something that’s been around for some time now, underlying a multitude of other blockchain projects. MimbleWimble is a protocol that emphasizes privacy with its own brand of cryptography. Elliptic Curve Cryptography (ECC) allows a network to verify transactions and their parties without ever having to publicly record the data.
Indeed, by implementing MimbleWimble to its network, Litecoin will be able to make transactions highly privatized. Users’ transactions will no longer be traceable to a specific wallet address. The currency itself will become fungible. Of course, these are both draws to networks hyper-fixated on privacy, like Monero (CCC:XMR-USD). As such, Litecoin will become a fierce competitor alongside these other networks.
Litecoin Price Predictions Heat Up as MimbleWimble Upgrade Approaches
Litecoin has been teasing the addition of the MimbleWimble protocol to its network for some time now. First announced in November of last year, the network is not giving a set date for the release of the upgrade. However, speculation is abounding that the rollout could be just a couple of weeks from now.
In December, some Litecoin developers expected the rollout to occur in January. Now, representatives from the Litecoin Foundation are saying that the upgrade is in its final rounds of review before it will go live.
Investors expect this rollout to be a catalyst for LTC gains. As such, interest in Litecoin price predictions is heating back up. Let’s take a look at some analysts’ predictions for Litecoin’s 2022:
- CoinPriceForecast expects gains of over $60 for the LTC coin through 2022. The site is targeting a price of $192 by year’s end.
- Digitalcoin’s end-of-year prediction is quite similar, expecting LTC to end 2022 at $186.25.
- Wallet Investor is forecasting a $206.82 price for the coin by January of next year.
- Even more bullish is Gov Capital, which sees LTC reaching $268.84 by next January.
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.