AltcoinsCryptocurrencyPrice Analysis

Litecoin (LTC) Explodes by 4,620%: Wait, Not the Price!

The absence of demand compared to other alts within the marketplace is one of the factors contributing to Litecoin’s struggles. Nevertheless, its highest benefit also appears to be the fading demand. Though weird, that’s a milestone for the project.

Nothing at All!

Litecoin is yet to report any downtime. The token remains among the longest-functioning crypto platforms globally, recording a 100% uptime for its ten-year run. Furthermore, LTC dominated social media platforms due to its achievements. Moreover, its mentions saw a 4,620% increase within hours today.

That’s why the absence of demand is advantageous to the coin, as the blockchain’s development rate matches its usage. Remember, networks encounter downtime or outage when either of these factors falls back or exceeds.

However, it doesn’t imply that Litecoin lacks demand completely. The altcoin enjoys worldwide acceptance as the leading coin for payments. For instance, it recently integrated Breitling, a Swiss luxury watchmaker.

Nevertheless, beware that the developments meant nothing for Litecoin’s price. The alt remains stuck in downtrends, losing over 15% this week. While publishing this post, LTC traded at $49.

Moreover, the latest slip has it back inside the bearish territory after barely escaping the zone following struggles inside it for nearly three months.

For now, Litecoin does not boast much usage for investors besides utility as it doesn’t ensure impressive returns to holders. For instance, its ROI declined significantly within the past 12 months, hovering with negative readings during this publication.

Moreover, only a few of the millions of LTC holders enjoy profit amid the prevailing market conditions. These individuals accumulated the token at prices lower than LTC’s current prices. This category accounts for 13% of Litecoin holders.

It will not be a surprise if new market players avoid investing in Litecoin, with its market value exploring historic lows. Nevertheless, the existing community can keep supporting the project in hopes of recovery.

The broad market struggles with bearish tendencies at this publication. The cumulative value of cryptocurrencies remains unstable at $865.83 billion. Furthermore, bears have shunned all recovery attempts, underpinning most assets in the bearish territory.

Related Articles

BlockchainCryptocurrency

What is Annual Percentage Yield (APY) and How Does It Work in Crypto?

Introduction Annual Percentage Yield (APY) in crypto refers to the attention or...

EconomyPrice Analysis

ECB Policymakers Consider a Mild Rate Increase

Preliminary conversations indicate a shortage of enthusiasm for a subsequent hike of...

Crypto / Forex Broker ReviewsCryptocurrency

ArgoTrade Review – Your global trading partner?

What is ArgoTrade ArgoTrade currently offers online trading using CFDs via reliable...