Litecoin (LTC) is without a doubt one of the crypto-earliest space currencies. With the introduction of new coins, however, this “blue-chip” cryptocurrency has begun to lose its relevance. The coin that formerly competed with Bitcoin is now struggling to maintain its 16th position.
Litecoin, on the other hand, has lately made history by overtaking Ethereum.
Litecoin has added the largest alt in terms of active addresses, according to Santiment data. On both coins, the reading of this measure was fluctuating much over the 500k threshold at the time of writing.
Yes, hefty expenses are putting pressure on Ethereum’s on-chain work, but what has been fueling the LTC craze?
Yes, according to a recent CoinShares digital asset flow analysis, Litecoin witnessed a $ 0.2 million outflow last week. In comparison, Bitcoin has experienced a $ 225 million inflow at the same time. As a result, in the instance of LTC, the institutions are clearly absent. We’re left with merely marketing participants in retrospect.
In the past, Litecoin has been able to attract business investors. Even at of this writing, such investors own moreover half of all circulating sales (51.07 percent). Because they tend to break away from their holdings at times of stress, such participants are undoubtedly regarded as “weak hands” by society. The participants in the Litecoin market, on the other hand, were not all cut from the same cloth.
The average HODLing term for Litecoin was more than 1.6 years, according to ITB data. As a result, new HODLers traders who enter the market are likely to stick with LTC for a long time.
An interesting pattern was also revealed by Santiment’s experimental “arithmetic” test metric. As a result, this indicator counts how many addresses receive Litecoins from others.
The age-old concern about Litecoin’s progress — the rate of development activities – continues to haunt its progress. MimbleWimble updates have been slow in recent months. The principal developer, David Burkett, had hoped to submit version 0.21 during the September-October changeover period, but the approval procedure caused a delay.
On Santiment’s graphic, the implied effect of the same was readily obvious. Since the second week of October, the development activity metric has spent more time on the downward.