Crypto NewsLitecoin (LTC)

Legacy reliable Litecoin surges 7% as LTC flexes its muscles for 2023

Known as one of the oldest cryptocurrencies the world, has Litecoin (LTC) Made headlines as it reported record high transaction numbers.

According to altcoins officially Twitter account it has waited 39 million transactions on December 29th.

To do this, add the accompaniment news that it also achieved second place in the unique address metric, which has grown to 52 million. These very bullish developments led to the token pump 7% on the weekly timescale, according to Coingecko data.

The Litecoin network completed over 39 million transactions in 2022. A new record!

⚡$LTC⚡ pic.twitter.com/DXbnuur2tI

— Litecoin (@litecoin) December 31, 2022

2022 leaves traces – will 2023 be a year of healing?

Current developments are certainly bullish, but this has not come without a cost. Like the broader crypto market, LTC’s value has definitely suffered. Corresponding CoinGeckothe altcoin fell 50.4% in value over the year.

However, the new year seems to bring a new mood for LTC. A Reddit post Regarding the altcoin’s 139,000,000th transaction, it quickly sums up sentiment around the old altcoin; bullish and very appreciative of what the coin brings to the table.

Litecoin added 52 million new addresses to the network in 2022.

The second most of all cryptos. #YearInReview pic.twitter.com/p5jAr9wZI0

— Litecoin (@litecoin) December 30, 2022

Litecoin, compared to smart contract providers on Ethereum, is commonly used as a payment method with Bitpay, the oldest cryptocurrency processor on the market.

In just one year, monthly Litecoin usage increased by 109% with the world’s largest crypto processor 🚀 pic.twitter.com/DBXe6OTdib

— Litecoin (@litecoin) January 2, 2023

Between August 2021 and November 2022, LTC payments increased 109% from 3,478 to 24,207. The altcoin’s transaction share on the payment platform is 27%, almost trumping the other altcoins available on the platform.

Bitpay and the community cited several reasons for the coin’s adoption as a payment method, but one metric stands out above all: transit time.

Almost 100% uptime for Litecoin since inception

LTC has an overwhelming advantage in the runtime department compared to others altcoins. This has certainly drawn investors and traders to the issue of trust, the most important social metric a cryptocurrency can have.

Legacy reliable Litecoin surges 7% as LTC flexes its muscles for 2023, Crypto Trading NewsLTC Total Market Cap at $5.3 Billion on the Daily Chart | Chart: TradingView.com

According to Jameson Lopp, CTO and co-founder of Casa HODL, LTC maturity has been close to 100% for the past 10 years. Quite an achievement for an altcoin that was released 11 years ago.

Legacy reliable Litecoin surges 7% as LTC flexes its muscles for 2023, Crypto Trading NewsImage: Pixabay

With increasing acceptance and a renewed bullish sentiment in LTC, the coin is expected to see a revived price in the coming months.

With the LTC halving coming up this year, we should also see the altcoins price surge over the next few months.

In the short term, analyst think LTC will break towards $100. But LTC is facing a significant price resistance levels of $76.48 and $77.98 Resistance opposite to. If the bullish sentiment and current steady momentum hold, we will see LTC at this price level in no time.

-Featured image Fool.com


Source: Crypto News Deutsch

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