Gottfried Benjamin
Litecoin (LTC) started the year on an upbeat note, trading at $74.25 with growth of 7.05%
Litecoin (LTC) started 2023 on a very bullish note as its price is currently locked in at $74.25 after posting a 7.05% growth in the past 24 hours. At its current pace, Litecoin is erasing losses accumulated over the past week as retail investors decide to start the year on a rejuvenated note.
According to Litecoin on-chain stats, its growth is being fueled by intense accumulation over the past 24 hours. With trading volume priced at $458.3 million and up 16.29%, there is clear evidence that this ongoing accumulation is being unanimously driven by retailers.
For Litecoin, the goal is to end the year on a better note than last year, which was marked by an agonizing crypto winter. Since 2022 was the year that many top crypto firms collapsed, including Celsius Network, Three Arrows Capital (3AC), and FTX Derivatives Exchange, LTC ended the year down 50.9%.
While this can be characterized as poor performance, the truth remains that Litecoin has outperformed the majority of coins in the top 10 by market cap profiled by CoinMarketCap. With this stellar start, expectations remain high for LTC and more than 800,000 traders have placed it on their watch lists to follow its performance for the remainder of the year.
Growing Litecoin utility
Litecoin was designed to serve as a unique payment token, and its purpose in this regard has continued to see massive expansion. Outlets for users to spend their coins have increased from PayPal to a variety of others including but not limited to MoneyGram, NOWPayments and BitPay.
For Litecoin, despite the criticism of its holders, its relevance is that it can outperform its biggest rival Bitcoin (BTC) in terms of variety of uses across the board.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.