- Litecoin showcased resilience with positive stats across various segments.
- However, challenges loomed in mining profitability and trading velocity.
Compared to Bitcoin[BTC] and Ethereum[ETH], Litecoin[LTC] has not seen the same level of growth since its inception. However, despite the challenges, Litecoin has persisted and seen growth in 2023.
Litecoin boasts of its progress
Litecoin’s recent tweet touts its position as one of the leading blockchains, emphasizing a surge in activity and development reaching an all-time high.
The achievement of maintaining 100% uptime over 12 years underscores the network’s resilience and commitment to operational excellence.
#Litecoin is the #⃣1⃣ #crypto of choice for payments!! Last month, $LTC exceeded all others on @BitPay the worlds largest crypto payment processor!! Becoming the market leader in real use.
What’s in your wallet? #PayWithLITECOIN ⚡️ pic.twitter.com/QyKdbEmDFU
— Litecoin (@litecoin) December 30, 2023
Growing adoption
This robust performance could potentially propel Litecoin forward. The heightened activity and development point to a dynamic ecosystem, instilling confidence in users and developers alike.
The long-standing operational stability further enhances the network’s credibility, paving the way for potential growth opportunities.
Litecoin’s dominance on BitPay added another layer to this narrative. Surpassing other cryptocurrencies, LTC claimed the top spot on BitPay, one of the world’s largest crypto payment processor.
This not only signals market leadership but also underscores Litecoin’s real-world utility and adoption, setting it apart in terms of practical use.
Miners suffer
Examining Litecoin’s hashrate, which was 900+ TH/s, revealed the network’s computational strength. A robust hashrate is vital for network security and efficiency, and Litecoin’s substantial hashrate positions it as a formidable player in the blockchain space.
However, the profitability landscape for miners introduced a note of caution.
According to data from CryptoCompare, a mining rig with 5 Gh/s of hashing power would incur a loss of 43% when mining LTC.
This unfavorable scenario could impact the network negatively, potentially affecting miner interest. It could also add selling pressure on LTC.
Source: Crypto Compare
Read Litecoin’s [LTC] Price Prediction 2023-24
State of LTC’s price
Turning to LTC’s price movement, it was trading at $75.22 at the time of writing, reflecting a modest growth of 2.52% in the last 24 hours.
However, a notable decline in trading velocity suggests a reduced frequency of LTC transactions. While price growth signals positivity, the decline in trading activity suggests that a correction maybe likely for LTC in the future.
Source: Santiment