In recent crypto market activity, Litecoin, often referred to as the lighter alternative to Bitcoin, has gained attention. This digital currency boasts distinct characteristics and recently reached a significant achievement. However, the value of Litecoin tells a separate narrative.
In this blog, let us discuss what is happening with the Litecoin price.
Litecoin Price Analysis
The price of Litecoin took a significant turnaround in just one day. Currently, it’s being traded at $85.79. Unfortunately, there was a decline of 10% over the previous 24 hours, and the token has dropped by approximately 16% during this week.
The market capitalization dropped to $6.38 billion, a 10% decrease, whereas Litecoin’s transaction count grew in the past 24 hours. Notably, the trading volume hit $1.10 billion after an impressive 85.40% rise.
Previously, Litecoin had climbed for only two weeks before experiencing a decline today. Over the past fortnight, Litecoin successfully held onto gains, marking an extended period of profitability. The digital currency reached a peak price of $112.8, which was its highest value in over a year.
Litecoin Price Prediction
Despite Litecoin experiencing a string of losses, the price graphs suggest a normal correction. This could be a sign of an upcoming bullish trend. Previously, the wobbling pullback data pointed to the 38.2% Fibonacci retracement level, supporting the bullish forecast.
Based on their assessment, the analysts anticipated that Litecoin’s price would follow an upward trajectory in the near future, peaking at around $122, and subsequently striving towards the $140 level. This prediction aligns with the upcoming Bitcoin halving event, which is expected to revitalize the crypto market as it emerges from its present corrective phase.
Litecoin’s price is currently about 80% lower than its maximum value ever reached. If there is indeed a bull market following the halving event, it’s possible that Litecoin’s price could surpass its all-time high.
Litecoin Marks 5 Million In Long Term Holders
Based on IntoTheBlock’s figures, approximately 62.5% of Litecoin’s total holders – amounting to five million individuals – have held onto their coins for the long term.
Amazing milestone for Litecoin!
Approximately 62.5% of all active Litecoin wallets currently hold more than 5 million units of $LTC.
— IntoTheBlock (@intotheblock) April 12, 2024
Approximately two-thirds (67.67%) of Litecoin owners currently enjoy a profit. Around 5.53% neither incurred losses nor gained profits. Unfortunately, around 26.8% (2.15 million) of Litecoin holders are experiencing losses.
During the period of February 2024, when we looked at the five million Litecoin addresses, an extraordinary surge in adoption took place. Over 170,000 new accounts emerged within a week, causing the total number to reach 20.6 million Litecoin addresses as of today.
This suggests that Litecoin’s longevity in the cryptocurrency market is proven by its widespread use and appeal.
Conclusion
Litecoin isn’t alone among cryptocurrencies experiencing a correction. The total market value has decreased by 4.78%. However, optimistic signs and forthcoming Bitcoin halving events are predicted to potentially boost Litecoin’s price in the near future.
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2024-04-13 20:27