Why Litecoin was up? 5 Potential Reasons

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One of the first cryptocurrencies on the market today, Litecoin has a blockchain with a trustworthy proof of work for 11 years. A spectacular winning streak for Litecoin has recently occurred despite all the negative market odds. The token gradually increased in value in 2022, from its $40.00 yearly low in June to $80.00 in December. A 100% increase that the FTX-Alameda empire correction's collapse only temporarily obscured before it rebounded to $81 today, January 10, 2022. Litecoin, once listed in the top 10 on Coinmarketcap and regarded as one of the most trustworthy payment networks, is tenaciously vying for its former position.

What Could Be the Five Causes of This Steady Climb?

1. Elon Musk's purchase of Twitter
   Twitter was purchased by Elon Musk in October 2022. He made a suggestion that dogecoin might be used for Twitter payments. As a result of Litecoin and Dogecoin merge mining, Litecoin's hash rate and security have continually increased. In essence, merge mining allows miners to simultaneously mine and earn rewards for both the Litecoin and Dogecoin networks. a circumstance where miners can benefit.

2. Litecoin's capabilities
   Reputable brands in the sector are understanding how useful Litecoin is. Microstrategy CEO Michael Saylor recently released a statement in which he criticized a number of tokens while endorsing Litecoin. According to Michael Saylor, Litecoin is likely a digital good like Bitcoin.

3. Block mining halving
   Litecoin will have a 2023 halving. Litecoin will experience a halving in less than eight months, whereas Bitcoin will do so in 2024. The mining reward will be halved again, going from 12.5 to 6.25 Litecoin. The token's supply will be issued in smaller quantities when demand rises and the inflation rate falls.

4. Significant Litecoin Update
   One of Litecoin's most significant improvements, called Mimble Wimble Extension Blocks, was released in May 2022. (MWEB). Users now have the option to utilize Litecoin to transact without disclosing the specifics of the transaction. A second-layer addition known as the MWEB feature allows for fungible transactions while also enhancing scalability. Since MWEB activation, more than 50,000 Litecoins have been sent to MWEB addresses, according to Mwebexplorer. Numerous custodial wallets have also expressed support for the feature. Similar to how the lightning network, which was first introduced on the Litecoin network, stirred discussions on social media, MWEB may also be introduced into Bitcoin.

5. Omni Lite Platform
   The Omni Lite platform, which offers smart contracts on the Litecoin blockchain, is another Litecoin innovation that received little attention from the media but was warmly welcomed by the community. OmniLite is an open-source platform that makes it easier to create decentralized tokens, smart contracts, and digital assets like tokens and NFTs, according to the Litecoin Foundation. Due to its integrity, network security, scalability, and relatively cheap fees, Omnilite, which is a layered protocol on top of the Litecoin blockchain, has a distinct advantage over other blockchains.

Conclusion
In light of this, it remains to be seen whether Litecoin will maintain its winning streak. Several stablecoins, Proof-of-Stake Ethereum competitors, and tokens with alternative value propositions eclipsed Litecoin in 2021 and 2022. But the market never ceases to astound us. People are also reevaluating their options and searching for well-built basics, like as security, scalability, reliability, affordability, and decentralization, after all the volatility of the Bear Market. The Litecoin network has those characteristics.