Litecoin Surges 7% in One Week Amid Record Transactions in 2022

Litecoin is off to a solid start to 2023, gaining 7% in the past seven days and reaching the 12th spot on the Coinmarketcap list.

Litecoin started 2023 on a successful note, despite a long bear market that saw more than 50% losses for most currencies in 2022, making it a terrible year for the industry as a whole. The market ended the year down nearly 53%, and litecoin There was no exception.

However, this year could be different for LTC as it appears that the coin is off to a great start. At the time of writing, Litecoin is priced around $76, up 8% over the past seven days.

Litecoin Surges 7% in One Week Amid Record Transactions in 2022 - 1
LTC/USD 7-day chart. Source: coinmarketcap.com

second litecoin a coincidence That is set for this year, so 2023 might be better for LTC investors. A halving is a recurring event in which the block rewards paid to miners are permanently reduced, and the number of coins in circulation is halved.

Such a situation can have a positive effect on the price. Thus the restricted supply dilutes the asset. Because of this, holders of Litecoin are expecting a bullish rally to develop ahead of the expected price drop this August.

Litecoin price in 2022

Despite LTC’s poor performance in 2022, the currency learned some valuable lessons. A new record was set by the network processing over 39 million transactions throughout the year.

The network also had the second largest number of new addresses created in 2022 among all cryptocurrencies, with 52 million.

After recent gains, LTC is currently the 12th largest in the sector cryptocurrency With a market capitalization of $5.47 billion.

Litecoin rises 7% in one week amid record transactions in 2022 - 2
Source: Coinmarketcap


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