Litecoin Records Certain Milestones In 2022 Despite The General Downtrend

Key Points:

• In 2022, Litecoin handled 39 million transactions.
• Although it saw more than 50 million unique wallet addresses, LTC has lost more than half of its value as of the time of publication.

Litecoin achieved several on-chain and off-chain milestones despite the broad slump that characterized the previous trading year.

According to a Litecoin tweet, over 39 million transactions were executed on the decentralized, open-source LTC network at the end of the 2022 trading year.

In addition to an increase in the number of transactions performed on the network, Litecoin has 52 million unique addresses as of 2022.

In addition, the Litecoin Foundation published a blog post with their 2022 recap. The non-profit group established to promote Litecoin claimed that in 2022, the number of addresses was the “second most of any cryptocurrency.”

Additionally, throughout the year, Litecoin’s hashrate reached a brand-new record high of 613.81TH/s. Additionally, on December 3rd, after 11 years of operation, the network’s average difficulty reached a record high.

Having said that, LTC’s value fell by 54% as a result of the dramatic market slump during the last year, according to statistics from Coincu.

For reference, the altcoin’s price per unit at the start of 2022 was $151. It traded for as little as $43 in June as the bear market became worse. It declined to its lowest point of the year before steadily rising to close the trading year at $68.

On-chain statistics showed that significant LTC whale addresses progressively released their tokens over the course of the 12-month period, along with a general fall in growth in 2022.

The number of LTC whale addresses that owned 10,000 to 1,000,000 LTC coins dropped dramatically by 6% on May 24 and May 25 when Terra-Luna failed.

At the beginning of June, the count briefly increased, but it quickly decreased as bullish conviction steadily left the market in the second part of the year. Data from Santiment indicated that between January and December 2022, the number of LTC holders in this cohort decreased by 6%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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