Litecoin has been in shiny shape lately, hitting a new all-time high of $ 410 in the early hours of the morning. After months of stuttering, LTC finally joined BTC and ETH to reach that milestone during this bull run.
With that the bull case builds up. Some suggest this is just the beginning, with more Litecoin benefits along the way. This is especially true as the Mimblewimble upgrade is getting closer to the rollout.
Litecoin is starting to build momentum
Dogecoin’s peak performance shows that miracles can happen. DOGE is up an incredible 12,000% YTD and has worked its way up to fourth place on CoinMarketCap after this run.
Meanwhile, Litecoin’s relative underperformance has raised several concerns. Still, LTC manages to stay in and around the top ten despite its overwhelming price movement. However, what some see as a turning point, Litecoin hit a new all-time high today.
@KongBTC got involved by drawing parallels between Litecoin now and Ethereum in October 2020 when the price was around the middle of three hundred.
“purchase $ LTC at $ 360 is now the same as buying $ ETH at $ 360 in October ’20. that’s the tweet. “
Since the fourth quarter of 2020, Ethereum has broken an all-time high after an all-time high and has grown by around 1,050% over that period.
Analyst Alanmasters recorded Litecoin on a weekly timeframe with Fib tapes to conduct his analysis. He expects the price to reach up to $ 1.5,000 in the medium term. With a target price of $ 5,000 by year-end if it can keep its momentum.
“We’ll likely see a lot more growth if Litecoin is to follow the king and queen of cryptocurrency coins.
Based on my fib. Projections, we’re looking at $ 500, $ 900, and even $ 1,450 or more …
$ 5,000? Maybe, but that could take longer … We are aiming for USD 1,500 in the medium term … USD 5,000 is certainly possible, but this could happen by the end of the year. “
Mimblewimble is the most significant implementation of Litecoin to date. Founder Charlie Lee described the update as the final piece of the puzzle to making Litecoin solid money. Lee said the story associated with cryptocurrencies is a major sticking point that speaks against them in this regard.
“You have heard stories from Coinbase banning people from using their service when they found out that the coins they received were sent from a gambling website or a dark marketplace, for example. That doesn’t make the coins very fungible. “
Because of this, he sees adding privacy and fungibility via Mimblewimble as critical to Litecoin’s future.
Developers have been working on Mimblewimble since the end of 2019. Lead developer David Burkett recently issued an update that the project is nearing completion. But loose ends related to audits, reviews, fixes, and documentation still require a lot of ties.
However, Burkett has yet to confirm a definitive rollout date.