While Bitcoin (BTC) and Ethereum (ETH) have been the dominant cryptocurrencies, Litecoin (LTC) has shown remarkable growth in 2023 despite not reaching the same levels of expansion as its competitors. The Litecoin team’s recent tweet highlighted the blockchain’s all-time high activity and development, reaffirming its position as a leading blockchain.
Litecoin’s uninterrupted operation over 12 years demonstrates the network’s resilience and operational excellence, instilling confidence in investors. This strong performance could pave the way for Litecoin’s potential advancement. The increase in blockchain activity and development signals a dynamic ecosystem, fostering trust among users and developers.
The 12-year operational stability enhances the network’s reliability in the eyes of investors, suggesting potential progress. Litecoin’s dominance on BitPay, one of the world’s largest crypto payment processors, has overtaken other cryptocurrencies, highlighting LTC’s practical use and adoption in the real world.
Despite Litecoin’s strong hashrate of over 900 TH/s, indicating significant computational power crucial for network security and efficiency, it continues to pose challenges for miners. According to CryptoCompare, a mining rig with 5 Gh/s hash power is expected to incur a 44% loss, which could negatively impact the network and miner interest in LTC.
The negative scenario reflected in graphs could adversely affect the network and potentially decrease miners’ interest in LTC, potentially leading to increased selling pressure. As for LTC’s price movement, it has been affected by a recent BTC price drop, with a decrease of 11% in the last 24 hours, trading around $65.
Despite the price drop, the 24-hour trading volume surged by 77%, reaching $600 million, indicating increased transaction frequency for LTC. Even though the price drop is tied to BTC’s performance, there seems to be a slight recovery underway.