Although Litecoin is now performing better than Bitcoin on a relative basis, the community believes that Bitcoin will remain relevant for some time to come. Two significant milestones have been reached, which is a sign of relief, but this hardly inspires investors with confidence.
First, 180 million transactions have been completed using Litecoin on the network. Second, there have been over 51 million transactions so far this year. The latter is crucial for two reasons: 2023 will conclude in two more months, and 39 million people were alive in 2022. It has already surpassed that threshold, and with two more months left, there is a risk that Litecoin will surpass it yet again.
Due to the lack of code contributions on the GitHub repository during the past five months, LTC finds it challenging to demonstrate relevance to investors. The network’s operational and financial stability are now in doubt as a result of this.
Additionally, its native token has fallen considerably from its all-time high of $413. Given that BTC is also down from its record high, this cannot be used as a point of comparison. Due to the current crypto cold and ensuing losses, the tokens have lost their capacity to draw substantial amounts of investment. Purchase activity has been stimulated by a price decrease, but this cannot continue because the winter has lasted longer than anyone could have anticipated.
All of the major cryptocurrencies, including LTC and BTC, are susceptible to reversal movements. The native price of Litecoin is currently $61, down 0.89% over the past 24 hours and 6.88% for the previous five days. According to optimistic Litecoin predictions, the token will sell for at least $77 by the end of 2023. Before the start of the following year, there is a possibility that the token will start trading at $189.29, assuming the rising trajectory continues for a little while longer.
Despite this, there are still about 60 days left before BTC must overcome the $27,000 barrier level in order to reach its next goal of $30,000. Its last recorded value was $26,734.10, a decrease of 0.50% over the previous day and 4.44% over the previous
LTC has decreased by 45% from its previous price of $114 to the present level. That isn’t the case because the community is unaware of the fees collected. In May 2021, the value of Litecoin reached its pinnacle. According to information provided by Token Terminal, it has fallen 68% to settle at $6,000.
The root causes have been identified as shifting user behavior and variable transaction volumes. It is unknown if just one of the two elements is at play alone or whether both are. With a supply of 73.5 million LTC and a market cap of $5.3 billion, Litecoin fell to the fifteenth position.