Although Litecoin is one of the oldest cryptocurrencies out there, it doesn’t seem to be getting a lot of attention. However, while Bitcoin and Ethereum are dominating the market and headlines, it seems that Litecoin has the upper hand this time around.
Litecoin is heading towards greater adoption in unexpected ways.
A variety of partnerships
Litecoin has been integrated into many different projects. Verifone recently notification in cooperation with BitBay, payments in cryptocurrency will soon be possible. This feature includes Litecoin along with several other proprietary tokens. This will allow 46 million people to connect directly to multiple cryptocurrencies and increase adoption.
Additionally, PayPal launched its super app a few days ago and expanded its ability to buy, sell and hold cryptocurrencies outside of the US and UK. Currently, this feature only allows Litecoin, Bitcoin, Ethereum, and Bitcoin Cash.
Additionally, MarketAmerica, the global e-commerce giant, recently notification that Shop.com allows payments in cryptocurrency. Once again, Litecoin is on the list along with other digital assets.
Although adoption has increased, participation has declined in some regions in recent months.
Long-term owner (LTH).
Usually LTH doesn’t sell unless there is a real need or they are looking for profit. However, the pattern of sales of Litecoin by holders over the past year has been quite unusual.
While the entire market has been in the red this month, especially as most Litecoin holders are losing confidence, the Coin Days Destroyed (CDD) index shows that a significant amount of old Litecoin has been issued this month.
The indicator also shows that more coins are destroyed during the day than Litecoin compared to Bitcoin over the same period.
Litecoin vs. Bitcoin CDD | Source: Glassnode
Another interesting observation is that holders sold Litecoin at a loss while holders sold Bitcoin when they made a profit.
The first sale was on September 14th according to the Walmart fake news and then again on September 26th with a 14.3% decline in just 5 days for Litcoin.
Litecoin price chart | Source: TradingView
What does that mean? Well, Litcoin holders panic more than Bitcoin and Ether holders.
However, investor confidence has not been lost lately. Since early 2021, LTH dominance has lost nearly 30%, down from 65%.
LTH Litecoin loses its advantage | Source: Intotheblock
LTH is important for any altcoin in order to maintain price stability in a volatile market. When Litecoin doesn’t hold up, price movements can fluctuate unexpectedly.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to AMBCrypto