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- Unique addresses went up to 52 million in 2022.
- Thirty-nine million transactions were completed on the network.
- The Hashrate rate went to its all-time high after 11 years.
Relatively good news for Litecoin (LTC), an open-source, decentralized cryptocurrency network, had closed 2022 with 39 million transactions completed. A number sought after by many others. And that too against a general downturn that dotted throughout most of the year.
Litecoin recorded some milestones on and off chain. Including the exceptional jump in the count of transactions processed on the network, the unique addresses on Litecoin added up to 52 million in 2022.
The Litecoin Foundation, a non-profit organization made to advance Litecoin released a recap of 2022 in a blog post, noting that the address count was the “second most of any cryptocurrency” in 2022.
“This isn’t the only marker of increased use and adoption, but an example of the ever-increasing expansion of the Litecoin ecosystem.”
Litecoin’s hash rate also registered a new all-time high of 613.81 TH/s, and the network’s average difficulty also rose to an all-time high on December 3, 2022, after 11 years of operation.
LTC’s value dropped by 54% this year; at the start of 2022, it was trading at $151. As the bear attacked, it came down to $43 in June and rose to $68 by the end.
Along with the overall decline in 2022, on-chain data also revealed that the key LTC whale addresses gradually distributed their tokens in 52 weeks.
For consideration, when Terra-Luna collapsed in May, the count of LTC whale addresses holding anywhere between 10,000 to 1,000,000 LTC nose-divided by 6% between May 24, 2022, and May 25, 2022.
This rebound started temporarily in June 2022 but again fell as positivity left the market post the second half of this bad year for the whole cryptocurrency.
Data from Santiment show that between January and December 2022, the count of this group of LTC holders fell by 6%.
On the other hand, sharks that held 1 to 10,000 tokens pushed their accumulation. However, this proved insufficient to drive up the value, citing the bearish market.
Litecoin completed the implementation of the MimbleWimble upgrade on May 19, 2022. This upgrade enhanced the user experience by providing an option to make anonymous transactions on the Litecoin network.
After this development and many upgrades over the year, the development activity took a significant drop. According to Santiment, it touched 0 a few times and ended the year at 0.21.
LTC might rally in 2023, owing to many partnerships expected to profit them and the much-awaited BTC halving scheduled in August 2023.
LTC Price Analysis
Currently trading at $75.63 is 81.73% down from its all-time high of $412.96 achieved on May 10, 2021, while 6674.20% up from an all-time low of $1.11 as on January 14, 2015. Its volume saw a massive jump of 43.38% at $579 million.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
