Ol’ Reliable Litecoin Up By 7% As LTC Flexes Muscles For 2023
Known to be one of the oldest cryptocurrencies in the world, Litecoin (LTC) has been making headlines as it reported record high transaction numbers.
According to the altcoin’s official Twitter account, it has serviced 39 million transactions as of December 29.
Add on to this the accompanying news that it has also hit second place in the unique addresses metric which grew to 52 million. These very bullish developments led to the token pumping 7% in the weekly timescale, according to Coingecko data.
The Litecoin Network completed over 39 million transactions in 2022. A new record!
— Litecoin (@litecoin) December 31, 2022
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The current developments are certainly bullish, but this didn’t come without a cost. Like the broader crypto market, LTC’s value has definitely suffered. According to CoinGecko, the altcoin dropped in value by 50.4% on the yearly timescale.
However, the new year seems to bring a renewed sentiment for LTC. A Reddit post regarding the altcoin’s 139,000,000th transaction quickly summarizes the sentiment surrounding 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 any crypto. #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 on Bitpay, the oldest cryptocurrency processor in the market.
In just one year, monthly Litecoin use, with the worlds largest crypto processor, increased 109% 🚀 pic.twitter.com/DBXe6OTdib
— Litecoin (@litecoin) January 2, 2023
Between August 2021 and November 2022, payments using LTC increased by 109%, from 3,478 to 24,207. Transaction share of the altcoin on the payment platform is at 27%, almost trumping the other altcoins available on the platform.
Bitpay and the community cited multiple reasons as to why adoption of the coin as a payment method grew but one metric stands above all: runtime.
Nearly 100% Runtime For Litecoin Since Inception
LTC has overwhelming advantage in the runtime department compared to other altcoins. This certainly attracted investors and traders on the trust issue, the most important social metric a cryptocurrency can have.
LTC 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’s runtime in the past 10 years has been near 100%. Quite a feat for an altcoin released 11 years ago.
With adoption increasing and a new bullish sentiment formed on LTC, the coin is expected to have a reinvigorated price in the coming months.
With LTC’s halving coming this year, we should see the altcoin’s price increase in the next coming months as well.
Short-term, analysts think that LTC will break towards $100. But LTC faces significant resistance at $76.48 and $77.98 price resistance levels. If the bullish sentiment and the current steady momentum continues, we’ll see LTC in that price level in no time.
-Featured image Fool.com
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