• Litecoin (LTC) has seen an increase of 109% in its use and processed 39 million transactions in 2022.
• The LTC price is expected to reach $100 in 2023 due to the upcoming halving.
• Litecoin is the only decentralized peer-to-peer network with no downtime for more than a decade.
The crypto market has seen a lot of turbulence in the second half of last year, but one cryptocurrency that has stood out is Litecoin (LTC). With a market cap of $5.4 billion, LTC is the 12th largest cryptocurrency by market cap, trading at $75.55. Last year, LTC use surged by an impressive 109%, setting a new record for the total number of transactions on the Litecoin Network, which surpassed 39 million.
This increase in use is due to Litecoin’s decentralized, peer-to-peer network that has seen no downtime for more than a decade. This has made it a preferred cryptocurrency for retail transactions, leading to an increase in its use. Additionally, the upcoming halving in 2023 has led to many analysts expecting LTC to reach $100, further driving its use.
Furthermore, Litecoin whale transactions have been much higher than normal in the second half of 2022. This is attributed to the increased awareness and interest in the cryptocurrency. Moreover, developers have been gearing up for the halving and are looking forward to further advancements in the use of LTC.
Overall, Litecoin has been a major success story in the crypto space, with its use increasing significantly in the last year. With the halving set to take place in 2023, many analysts and investors are expecting the LTC price to reach new heights. Therefore, it is expected that LTC will continue to see increased use and adoption in the coming years.