Litecoin has started 2023 off to a bright start as the crypto has risen 7% in the last 24 hours and has risen to 12th place on the market capitalization list.
Litecoin Starts 2023 On A Positive Note
2022 was a terrible year for the entire cryptocurrency sector as a long bear market caused losses of more than 50% for most coins. Litecoin is no exception; assets ended the year with a drawdown of around 53%.
However, this year, things may be different for LTC as the coin seems to be off to a strong start. At the time of writing, Litecoin is trading around $75, up 7% in the last 24 hours. The chart below shows recent trends in crypto prices.
Looks like the value of the crypto has shot up during the past day | Source: LTCUSD on TradingView
The reason why this year could be better for LTC investors is because the next half will take place this year. A “halving” is a permanent event where the block reward of the miner is permanently cut in half, which means that the source production of the coin itself is halved.
Related Reading: Most Public Crypto Companies Underperform Bitcoin In 2022, Miners Worse
Since a limited supply like this creates fewer assets, these events can have a bullish effect on prices. Therefore, owners of Litecoin have hoped that the rally will be built quickly, before the halving scheduled for this August.
As the chart shows, Litecoin has certainly made a good start to the year, observing a clear upward momentum from other top coins. Although, now, it is not clear whether this will be the push that leads the coin to the actual halving rally, or if it will rise temporarily before the real rally begins.
Despite the poor performance of LTC during 2022, there are still some positive points for the coin. For example, the network processed more than 39 million transactions that year, a new record.
Litecoin network completes more than 39 million transactions in 2022. New record!
⚡$LTC⚡ pic.twitter.com/DXbnuur2tI
— Litecoin (@litecoin) December 31, 2022
In addition, the chain added 52 million new addresses in 2022, the second highest of all cryptocurrencies.
Litecoin will add 52 million new addresses to its network in 2022.
The second most crypto. #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 to make low-cost transactions, and continues to see more adoption.
Related reading: Ethereum Ends 2022 With ATH Correlation For Bitcoin, Despite Consolidation
LTC is now the 12th largest Crypto in the Sector
The incredible recent growth in Litecoin means that its position at the top of the crypto according to the market cap list has improved. Here is a table showing LTC’s ranking among his current peers:
Shiba Inu (SHIB) seems to be 15th at the moment | Source: CoinMarketCap
As shown above, Litecoin has now overtaken Polkadot (DOT) to become the 12th largest coin in the market. In addition, LTC’s current cap is quite close to Dai (DAI), which means that with some more growth, the crypto could easily take 11 points from the stablecoin as well.
Featured images from Michael Förtsch on Unsplash.com, charts from TradingView.com