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Litecoin (LTC) started the year 2023 on a very bullish note as its price is currently pegged at $74.25 after printing 7.05% growth over the past 24 hours. At its current pace, Litecoin is paring off the losses accrued in the past week as retail holders are determining to start the year on a rejuvenated note.
According to the Litecoin on-chain stats, its growth is being fueled by the intense accumulation over the past 24 hours. With the trading volume pegged at $458.3 million having surged by 16.29%, there is clear evidence that this ongoing accumulation is being unanimously pushed for by retail traders.
For Litecoin, the goal is to end the year in a better fashion compared to the past year, which was characterized by an excruciating crypto winter. With 2022 coming off as the year that saw the collapse of many top crypto firms, including Celsius Network, Three Arrows Capital (3AC) and FTX Derivatives Exchange, LTC closed the year down with a loss of 50.9%.
While this may be tagged as poor performance, the truth remains that Litecoin outperformed the majority of the coins in the top 10 by market capitalization profiled by CoinMarketCap. With this stellar start, expectations on LTC remain high, and more than 800,000 traders have placed it on their watch lists to track its performance for the rest 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 enjoin massive expansion. The outlets for users to spend their coins have increased from PayPal to a host of others, including but not limited to MoneyGram, NOWPayments and BitPay.
For Litecoin, its relevance, despite the criticism on its holders, consists in its ability to outpace its biggest rival Bitcoin (BTC) in terms of diversity in usage across the board.