Litecoin starts 2023 on a positive note
2022 was a terrible year for the entire cryptocurrency sector as the long bear market led to losses of more than 50% for most coins. Litecoin was no exception; The asset ended the year down about 53%.
However, this year may well be different for LTC as the coin seems to have witnessed a strong start so far. At the time of writing, Litecoin is trading around $75, up 7% over the past 24 hours. The chart below shows the recent trend of the crypto price.
It looks like the value of the crypto has skyrocketed over the last day | Source: LTCUSD on TradingView
The reason why this year could be better for LTC investors is that the next halving is scheduled to take place this year. A “halving” is a periodic event where miners’ block rewards are permanently halved, meaning that the supply production of the coin itself is halved.
Related Reading: Most public crypto firms have Bitcoin left behind in 2022, miners have been hit the hardest
Since such limited supply makes the asset scarcer, such an event can have a positive impact on the price. As such, Litecoin holders have been hoping that a rally would soon build ahead of the halving scheduled for this August.
As the chart shows, Litecoin has certainly already had a great start to the year, witnessing stronger bullish momentum than any other top coin. However, it is currently unclear if this would be the push that would lead the coin to a proper halving rally, or if it would be another temporary surge before the actual rally begins.
Despite LTC’s poor performance in 2022, there were still some positive takeaways for the coin. For example, the network processed over 39 million transactions a year, a new record.
The Litecoin network completed over 39 million transactions in 2022. A new record!
— Litecoin (@litecoin) December 31, 2022
Also, the chain added 52 million new addresses in 2022, the second highest of any cryptocurrency.
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
These achievements show that Litecoin is still very popular among users who want a reliable network for cheap transactions and continues to see more adoption.
LTC is now the 12th largest crypto in the sector
Litecoin’s recent amazing growth has caused its position on the top crypto list to decline market capitalization improved. Here’s a chart showing where LTC now ranks among its peers:
Shiba Inu (SHIB) seems to be 15th at the moment | Source: CoinMarketCap
As shown above, Litecoin now has Polka dot (DOT) overtakes and is the 12th largest coin on the market. Also, LTC’s cap is pretty close at the moment Dai (DAI)meaning that with slightly more growth, the crypto also ranked 11th out of the stablecoin can easily take.
Featured image by Michael Förtsch on Unsplash.com, chart from TradingView.com
Source: Crypto News Deutsch