When we look at the crypto money market on the second day of 2023, we see that many crypto assets are in an effort to recover. However, among these assets, Litecoin, which has been exhibiting stable price movements for a long time, draws our attention.
LTC Exhibits Steady Movements
Litecoin, a decentralized and open-source cryptocurrency network, closed 2022 with more than 39 million transactions. Despite the overall downtrend continuing through 2022, Litecoin has recorded a few key milestones on and off the chain. In addition to the increase in the number of transactions completed on the network, in 2022 the number of unique addresses on the Litecoin network totaled 52 million.
In a 2022 summary published by the Litecoin Foundation via a blog post, he stated that the number of addresses on the network ranks second among all cryptocurrencies in 2022. Despite the general market crash, Litecoin, which has been showing a stable picture for the last 6 months, has quickly become a preferred payment network by crypto investors. Crypto payment service provider BitPay recently shared that they have seen more demand for Litecoin payments over the past few months. BitPay integrated Litecoin payments in July 2021 last year. Since then, more than 200,000 Litecoin transactions have been processed across all their trading networks, valued at more than $35 million. Litecoin handles about 27% of all crypto payments on BitPay. About 41% of total payments on BitPay are made with Bitcoin, with Litecoin in second place.
Litecoin Whales Rising
Litecoin’s native cryptocurrency LTC has performed excellently compared to other altcoins, especially in the second half of 2022. LTC price has risen nearly 40% from its June 2022 low thanks to increased whale participation in the last six months.
On-chain data provider Santiment highlighted that Litecoin whale transactions in the second half of December were much higher than usual.
Litecoin Price Analysis
Many experts and analysts state that Litecoin is one of the highest-earning assets during the Christmas period, and they say that the rise may continue in 2023. LTC, which is at $75 with an 8% increase in the last 24 hours, seems to have a high chance of returning to $85 levels if it exceeds this resistance level and continues its upward movement. In the event that the asset cannot exceed the $75 resistance, attention should be paid to the declines below $70. A break below $70 can lead to a pullback from $65 to $61. Experts predicted that Litecoin would close the year 2022 at about $ 70, and it did. Experts expect from 2023 that the asset will complete the year above $100.
For Litecoin to experience better growth and test highs in 2023, it needs to form partnerships with other brands and projects and enable its technology to serve other platforms. If these partnerships are done right, the asset can even exceed its all-time high.
