Litecoin use increased 109% and processed 39M transactions in 2022

  • Litecoin is the only p2p network in the crypto space with uninterrupted uptime, since, LTC use surged by 109 percent last year.
  • Developers gear for the Litecoin halving in 2023 and analysts are expecting LTC to touch $100.

While the global crypto market faced major turbulence during the second half of the last year, one altcoin which stood out was Litecoin. During the second half of the last year, the LTC price gained more than 50 percent after bottoming out in June.

This happened as the Litecoin network hit key milestones on multiple fronts be it setting up a new record in the number of transactions or surging LTC use. Also, during H2 2022, the LTC whale transactions were also much higher than normal. As of press time, LTC is trading with a market cap of $75.55 with a market cap of $5.4 billion. This also makes LTC the 12th largest cryptocurrency by market cap.

As per the official update, the total number of transactions on the Litecoin Network surged past more than 39 million, hitting a new record.

Interestingly, through its inception, the decentralized blockchain network Litecoin (LTC) has been giving very tough competition to Bitcoin. Litecoin is the only decentralized p2p network with no downtime for more than a decade. Because of this, LTC has also emerged as one of the preferred cryptocurrencies for retail transactions.

As per the latest report from BitPay, Litecoin stood as the second-most preferred cryptocurrency for payments, after Bitcoin, on crypto payments processor BitPay. As of date, LTC captures 27 percent of the total payments share on BitPay. The use of LTC on the world’s largest payment processor has jumped by 109 percent over the last year. Also, it turns out that Bitcoin use is quite popular for large-value transactions while LTC remains the preferred choice for daily retail; transactions.

Litecoin whales prepare for third halving

The Litecoin blockchain is preparing for its third-halving scheduled ahead this year in 2023. Developers on the Litecoin network are thus gearing up to slash the block reward to half at 6.25 LTC per block. In addition to the total transactions on the network, Litecoin also touched another major milestone in terms of new wallet addresses.

The total supply of LTC is currently capped at 84 million Litecoins. This fixed supply makes the cryptocurrency scarce and deflationary. The objective for developers behind this halving is to preserve the purchasing power of the crypto asset.

Similar to Bitcoin halving, Litecoin halving results in the asset’s decreasing supply and increasing price. In its previous two halvings in 2011 and 2015, the LTC price rallied thereafter. A similar possibility cannot be ruled out this year. On Christmas day last week, the Litecoin shark and whale addresses touched a two-year high.

Analysts are expecting the LTC price action to continue further this year. Recently, LTC has moved past its crucial resistance of $72, and the next stop could be at $80 and thereafter $100.

 


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