Litecoin is quietly up 30% in 48 hours, but it takes more than that
Over the years, Litecoin (LTC) has managed to stay connected to the world so as not to be forgotten despite the multitude of new altcoins popping up in space. LTC may not be the top performing or even one of the hottest coins right now, but its correlation with Bitcoin has made investors come back to it.
The question is, how long does Litecoin last this way? And what exactly could that change about that?
Litecoin needs more than 30% profit
This week LTC saw a fairly calm rally of nearly 30% that lasted 48 hours on September 11th and broke the $ 260 mark, but then fell back to the $ 250 mark this November.
Litecoin price chart | Source: TradingView
The first reason for LTC’s recent rally could be that it followed the previous broader market rally, a rally in which Bitcoin, Ethereum and most altcoins rose between 8% and 10.%.
The second reason Litecoin saw an increase in the number of investors entering the market on November 8th and 9th. This could have contributed to the price spike, more than any other cryptocurrency over the period.
Litecoin, while a viable asset, is often neglected by investors because of its fundamentals.
This claim can be confirmed by Litecoin’s growth rate. If you look at addresses with LTC amounts, you’ll find that the number has only increased by 1.5 million since last year.
However, on November 8, the same number rose to 3 million addresses. At the time of writing, the total number of addresses with LTC is 7 million.
Litecoin holding address | Source: Intotheblock
Furthermore, this is not a random anomaly as the trading volume was also above average on the same day.
Litecoin trading volume | Source: Intotheblock
The increase in trading volume may also come from FOMO AMCTheatres, which after months finally activated the option to pay in crypto. AMCTheatres users can now use BTC, ETH, LTC and DOGE to buy tickets or send gift cards.
CEO Adam Aron of AMCTheaters has tweets that these new payment methods together with Google Pay, Apple Pay and PayPal account for 14% of all online transactions.
At the time of writing, Litecoin has returned to a state of low volatility on the price chart, with all other metrics and statistics declining as well.
Litecoin is not part of the DeFi space, nor is it considered a store of value or a trend coin meme. Hence, it doesn’t have much that is unique to offer.
Needless to say, adoption is the only factor that can make LTC a solid / valuable asset in the crypto space.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Author
Blockchain
Litecoin is quietly up 30% in 48 hours, but it takes more than that
Over the years, Litecoin (LTC) has managed to stay connected to the world so as not to be forgotten despite the multitude of new altcoins popping up in space. LTC may not be the top performing or even one of the hottest coins right now, but its correlation with Bitcoin has made investors come back to it.
The question is, how long does Litecoin last this way? And what exactly could that change about that?
Litecoin needs more than 30% profit
This week LTC saw a fairly calm rally of nearly 30% that lasted 48 hours on September 11th and broke the $ 260 mark, but then fell back to the $ 250 mark this November.
Litecoin price chart | Source: TradingView
The first reason for LTC’s recent rally could be that it followed the previous broader market rally, a rally in which Bitcoin, Ethereum and most altcoins rose between 8% and 10.%.
The second reason Litecoin saw an increase in the number of investors entering the market on November 8th and 9th. This could have contributed to the price spike, more than any other cryptocurrency over the period.
Litecoin, while a viable asset, is often neglected by investors because of its fundamentals.
This claim can be confirmed by Litecoin’s growth rate. If you look at addresses with LTC amounts, you’ll find that the number has only increased by 1.5 million since last year.
However, on November 8, the same number rose to 3 million addresses. At the time of writing, the total number of addresses with LTC is 7 million.
Litecoin holding address | Source: Intotheblock
Furthermore, this is not a random anomaly as the trading volume was also above average on the same day.
Litecoin trading volume | Source: Intotheblock
The increase in trading volume may also come from FOMO AMCTheatres, which after months finally activated the option to pay in crypto. AMCTheatres users can now use BTC, ETH, LTC and DOGE to buy tickets or send gift cards.
CEO Adam Aron of AMCTheaters has tweets that these new payment methods together with Google Pay, Apple Pay and PayPal account for 14% of all online transactions.
At the time of writing, Litecoin has returned to a state of low volatility on the price chart, with all other metrics and statistics declining as well.
Litecoin is not part of the DeFi space, nor is it considered a store of value or a trend coin meme. Hence, it doesn’t have much that is unique to offer.
Needless to say, adoption is the only factor that can make LTC a solid / valuable asset in the crypto space.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Other Posts
