January wrapped up, leaving BTC and many alts like Litecoin (LTC) in a good position as renewed interest triggered a surge in trading activities.
Onchain metrics show that Litecoin has been gaining momentum since last year, causing it to inch towards three figures. Some analysts believe that it would outperform Bitcoin in terms of profit. In January, the altcoin processed its 141 millionth transaction, and the worth of payments processed on the platform crossed $1 trillion.
Statistics from Bitcoininfocharts also reveal that transaction counts have been stable for a year, settling above 100,000 daily transactions. This was the case for most of 2022 except for a couple of spikes, with the highest peaking above 200,000 transactions.
Source: Bitcoininfocharts
More Data Reinforce A Bullish Outlook
Also, data from another on-chain aggregator IntoTheBlock, indicated that last year to date has been a good time for Litecoin. The digital currency recorded transactions with as much as 66,000 large transactions pointing t a renewed interest of large investors from last year till now. However, this number fell to 11,000 in January.
Despite the strong case for a potential upswing, Litecoin price action has yet to respond with a matching momentum. In May 2021, LTC price rose to an all-time high of $330 and has continued to hurtle down ever since. At the time of writing this report, its price stood just a few dollars shy of the $100 price mark, which analysts believe to be the strongest resistance level.
Do you think Litecoin will outperform Bitcoin this year? Let us know your thoughts in the comment section below.
