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Litecoin Surges 7% In Strong 2023 Start, Jumps To 12th On Market Cap List
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Surges 7% In Strong 2023 Start, Jumps To 12th On Market Cap List

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Litecoin

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Litecoin has kicked off 2023 to a bright start as the crypto has surged 7% in the last 24 hours and has climbed to 12th on the market cap list.

Litecoin Starts 2023 On A Positive Note

2022 was a terrible year for the entire cryptocurrency sector as the long bear market resulted in losses of more than 50% for most of the coins. Litecoin was no exception; the asset ended the year with a drawdown of about 53%.

This year, however, may very well turn out to be different for LTC as the coin seems to have observed a strong start so far. At the time of writing, Litecoin is trading around $75, up 7% in the last 24 hours. The below chart displays the recent trend in the crypto’s price.

Litecoin Price CHart

Looks like the value of the crypto has shot up during the past day | Source: LTCUSD on TradingView

The reason why this year could be better for LTC investors is that the next halving is set to take place this year. A “halving” is a periodic event where the block rewards of miners are permanently cut in half, meaning that the supply production of the coin itself is halved.

Related Reading: Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst

Since supply being constrained like this makes the asset scarcer, such an event can have a bullish effect on the price. Therefore, Litecoin holders have been hoping that a rally would build up soon, ahead of the halving scheduled for this August.

As the graph shows, Litecoin has certainly already made a great start to the year, observing sharper upwards momentum than any other top coin. Though, currently, it’s unclear whether this would be the push that leads the coin to a proper halving rally, or if it’s another temporary rise before the real rally starts.

Despite LTC’s poor performance during 2022, there were still some positive takeaways for the coin. For example, the network processed over 39 million transactions in the year, a new record.

The Litecoin Network completed over 39 million transactions in 2022. A new record!

⚡$LTC⚡ pic.twitter.com/DXbnuur2tI

— Litecoin (@litecoin) December 31, 2022

Also, the chain added 52 million new addresses in 2022, the second highest out of all the cryptocurrencies.

Litecoin added 52 million new addresses to the network in 2022.

The second most of any crypto. #YearInReview pic.twitter.com/p5jAr9wZI0

— Litecoin (@litecoin) December 30, 2022

These achievements show that Litecoin is still very popular among users who want a reliable network for making cheap transactions, and continues to see more adoption.

Related Reading: Ethereum Finishes 2022 With ATH Correlation To Bitcoin, Despite The Merge

LTC Is Now The 12th Largest Crypto In The Sector

The recent amazing growth in Litecoin has meant that its standing on the top crypto by market cap list has improved. Here is a table that shows where LTC ranks among its peers now:

Litecoin Market Cap

Shiba Inu (SHIB) seems to be 15th at the moment | Source: CoinMarketCap

As shown above, Litecoin has now overtaken Polkadot (DOT) to become the 12th largest coin in the market. Also, LTC’s cap is currently quite close to Dai (DAI), which means that with some more growth, the crypto can easily take the 11th spot from the stablecoin as well.

Featured image from Michael Förtsch on Unsplash.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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