• Litecoin has seen a 109% increase in use and processed 39 million transactions in 2022.
• The price of Litecoin has risen to $75.55 and has a market cap of $5.4 billion, making it the 12th largest cryptocurrency by market cap.
• Litecoin is the only p2p network with uninterrupted uptime for over a decade and is becoming a preferred cryptocurrency for retail transactions.
Litecoin has seen a significant surge in its usage and popularity during the second half of 2022. The decentralized blockchain network has set a new record of 39 million transactions and is trading with a market cap of $5.4 billion, making it the 12th largest cryptocurrency by market cap. The price of Litecoin is currently at $75.55 and analysts are expecting it to surge even higher to reach $100 by the time of the Litecoin halving in 2023.
The surge in Litecoin use can be attributed to its status as the only decentralized p2p network with no downtime for over a decade. This has made it a preferred cryptocurrency for retail transactions, especially during the second half of 2022 when the global crypto market faced major turbulence. During this time, the LTC price gained more than 50 percent after bottoming out in June. Furthermore, the number of LTC whale transactions was also seen to be much higher than normal.
The developers of the Litecoin network are now gearing up for the upcoming Litecoin halving in 2023. If LTC price surges to reach $100, it would be a huge success for the network and its users. In addition, this would also bring more attention to the cryptocurrency industry as a whole. With the previous record of 39 million transactions, the Litecoin network is proving itself to be reliable and secure. It is likely that the network will only see more success and growth in the coming years.