Litecoin Performed Poorly in 2022, But the Whales Are Still Hopeful
Litecoin planned 39 million transactions in 2022. It has seen more than 50 million unique wallet addresses, but at press time LTC has lost more than half of its value. Litecoin [LTC], the emerging cryptocurrency network closed the 2022 trading year with more than 39 million transactions made on it.
Despite the general downward trend that characterized the last trading year, Litecoin recorded some significant events on and off the chain. In addition to the increase in the number of transactions processed in the network, the number of unique addresses in Litecoin in 2022 will reach 52 million.
Additionally, the Litecoin Foundation released a 2022 recap through a blog post. The non-profit organization founded to promote Litecoin said that the number of addresses is “the second highest among all cryptocurrencies” in 2022.
He added, “This is not only a sign of increasing usage and adoption, but an example of the ever-expanding nature of the LTC ecosystem.”
Additionally, during the year, Litecoin hashrate recorded an all-time high of 613.81TH/s. Additionally, the network’s average difficulty hit an all-time high on December 3 in the network’s 11-year run.
There is no whale to save Litecoin
Undeterred by the high market volatility in the past year, the price of LTC has fallen 54%, data from CoinMarketCap revealed. For context, in early 2022, the altcoin was selling for $151 per coin. As the bear market intensified, it traded for around $43 in June. After it stopped that year, it slowly resumed the year trading at $68.
In addition to the overall increase in growth in 2022, the on-chain data revealed that the LTC whale high address gradually distributed their signal during the 12 months. For example, when Terra-Luna crashed in May, the number of LTC whales marked 10,000 to 1,000,000 LTC dropped significantly by 6% between May 24 and May 25.
The figure recovered temporarily in early June, but quickly fell as confidence gradually left the market in the second half of the year. Between January and December 2022, the number of members of this group of LTC users decreased by 6%, according to data from Santiment.
On the other hand, sharks with tokens of LTC 1-10,000 made the collection strong. However, this was not enough to propel the asset’s value higher amid the ongoing market decline.
On the development front, Litecoin completed its MimbleWimble upgrade implementation on May 19, 2022. The upgrade was made to improve the user experience by giving users the ability to conduct private transactions on the Litecoin network.
After the relaunch of this promotion and its many updates over the years, the development work on Litecoin has been very slow. This is because it hit 0 many times. It ended the year at 0.21, according to data from Santiment. With most Litecoin collaborations set to bear fruit in the new year and a reduction scheduled for August 2023, LTC may be in for a rally.