Litecoin’s “Flawless” Activity Over the Years Proves its Worth

    TheMorningCrypto Desk
    TheMorningCrypto Desk

    Updated on January 09, 2023 12:51 PM

    Published on November 11, 2022 03:25 PM

    Litecoin's fresh address growth rate remained robust. From January to October of this year, its new address growth ratio exceeded that of Bitcoin and Ethereum.

    Litecoin’s “Flawless” Activity Over the Years Proves its Worth
    Source: Twitter

    What is to be said the second Altcoin launched in the crypto market, Litecoin is breaking barriers that are going unnoticed due to other crypto's social dominance.

    Litecoin has made an unexpected comeback recently. According to trade view statistics, Litecoin was trading at $62.40 earlier on Friday, up 3.2% in the past 24 hours and down 9.3% in the last seven days.

    On Thursday, Litecoin was trading at $60.24, up 10.05% on the day. It was the highest percentage rise in a single day since Thursday, November 10, 2022.

    This increased Litecoin's market size to $4.27 billion, or 0.48% of the overall cryptocurrency market cap. Litecoin's market cap peaked at $25.60 billion.

    In the previous 24 hours, Litecoin traded between $50.08 to $60.72.

    Litecoin climbed from this low, extending its gains for a second day to hit intraday highs of $64.12 as of press time. Litecoin has gained 36% in 48 hours, rising from a low of $47.50 on November 9 to its current intraday high of $64.12.

    If we zoom out and see the big picture, the chart shows a downtrend line over the past two years. This indicates that the supply is increasing, but the demand is falling short. A breakdown through the downtrend could cause the price to fluctuate to new values.

    However, the volume is constantly increasing as the price chart propagates sideways. The volume plummeted to 6 Nov due to FTX and Binance market feud. Since then, the volume has increased from 1 Bn to 1.56 Bn. The volume is still 27% lower compared to the past week.

    Litecoin is Now 11 Years Old

    Litecoin, inspired by Bitcoin, was one of the first cryptocurrencies, appearing in October 2011. Technically, Litecoin is based on a slightly modified Bitcoin core. Litecoin is sometimes referred to as the "digital silver" because of its fundamental similarities to Bitcoin (the "digital gold").

    Litecoin has gone a long way since its inception more than ten years ago. Litecoin implemented optional privacy features this year via a soft fork via the MWEB (MimbleWimble extended block) update.

    As per the new hash rate charts, Litecoin shared a short note on Twitter that the hash rate is increasing and reaching new highs as the mining difficulty is skyrocketing. 

    According to a statement by the Litecoin Foundation on crypto market statistics source, hashes peaked at under 18 million.

    The rise in mining difficulty for Litecoin most likely indicates that competition for miner payouts is heating up.

    The Litecoin transactions also increased at a level of more than 26% and still counting, as per the Tweet shared by the Network.

    LTC is trading at $63.34 at the time of publishing, remaining stable. However, LTC's price increased 13% in a single day on Wednesday, most likely as a result of MoneyGram's statement that its U.S. clients would soon be able to buy, sell, and hold LTC, bitcoin (BTC), and ether (ETH) on the MoneyGram mobile app.