Is Litecoin [LTC] Looking To Restore Its Uptrend?

Litecoin has kept a low-profile in the latest altcoin rush. While maintaining its position in the 7th spot, the silver crypto-asset has noted surged by nearly 16% and was found to be trading at $150.5 at press time.

Despite being a weak performer, Litecoin appears to flip fundamentals positive as market participants instilled confidence in it. According to the blockchain intelligence platform, Glassnode, the number of new addresses [7d MA] just reached a whopping 2-year high of 3,398.101.

Back in December, Litecoin posted some handsome gains which catapulted the cryptocurrency to hop onto the third spot with respect to crypto holding by Grayscale Investments, the world’s leading crypto asset management.

Following this, the cryptocurrency went on to outpace several coins in the way and took over the position of 4th spot by market cap in the cryptocurrency ladder. However, its dull price action starting the second week of January, caused it to slide three ranks below.

But the above chart depicted a shift towards a more optimistic outlook as the coin began to post substantial gains amidst a renewed market-wide push. Besides, the number of daily transactions on the Litecoin blockchain has also noted an uptick.

According to BitInfoCharts, Litecoin’s hash rate has also surged back to levels last seen in October 2020 which signified greater security in the network and its overall resistance to attack. Alongside, the mining difficulty has also climbed steadily.

MimbleWimble For Litecoin

David Burkett, the developer in charge of the Litecoin-MimbleWimble privacy integration recently disclosed that major progress in terms of implementation has been made, and the initial code will be complete and ready for review on the 15th of March this year. Burkett added,

“There are still a ton of ways we can (and will) continue to improve the MWEB code, in particular around syncing, but most of what remains is not required for the initial launch.”

TWJ had previously reported that the MimbleWimble testnet was on track to launch by the end of this September.