Despite the emergence of new altcoins in the space, Litecoin has managed to remain relevant over the years. Even though LTC is not the best-performing coin today, or even one of the most well-known, its link to Bitcoin has kept people interested in it.
As a result, the question is, how long can Litecoin survive in this state? And what, specifically, can change this for Litecoin?
Litecoin requires more weight.
On the 8th and 9th of November, LTC experienced a random rally lasting 48 hours. During this time, the seemingly “quiet” coin increased by nearly 30%, breaking through the $260 barrier before falling again.
The motivation for this rally was actually twofold. For starters, it came after the previous rally in the broader market, during which Bitcoin, Ethereum, and most altcoins rose by 8% to 10%.
Second, in those 48 hours, Litecoin saw a sudden surge in the number of investors entering the market. This could have contributed to the price surging on the charts, which was greater than any other altcoin during that time period.
While Litecoin is a viable asset, it does not receive much attention from investors due to its fundamentals.
This assertion is supported by the rate of growth. If you look at the addresses that have any amount of LTC, you will notice that the total number has only increased by 1.5 million since last year.
On November 8, however, the same figure increased by 3 million addresses. At the time of writing, there were 7 million addresses that held LTC.
Furthermore, this was not a coincidental occurrence, as volumes spiked to higher-than-average levels on the same day.
However, this rise could also be due to FOMO, as AMCTheatres, after months of teasing, has finally enabled the option of paying in cryptocurrency. Users can now buy tickets and send gift cards with BTC, ETH, LTC, and DOGE.
According to AMCTheatres CEO Adam Aron, these new payment methods, along with Google Pay, Apple Pay, and PayPal, already account for 14% of all online transactions.
At the time of writing, Litecoin had returned to dormancy on the price charts, with every other metric and statistic also settling.
Litecoin does not belong to the DeFi space and is not a Store of Value. It’s also not a meme coin that’s always in style. As a result, LTC doesn’t have much to offer in terms of uniqueness.
Needless to say, the only factor that can make it a valid/valuable asset in the crypto-space is adoption.