Altcoin, which is among the old digital currencies, has never been cut in 11 years, price charts are on the rise.
This altcoin has never been discontinued in 11 years
Litecoin (LTC) is among the legacy digital currencies in the blockchain ecosystem. He appears to be one of the few that has lost his brilliance to the general public. However, not only is cryptocurrency undervalued by analysts, it is mistakenly dismissed by investors.
Litecoin has outstripped many of its peers over the past year, including Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) as the crypto winter intensifies. Litecoin has dropped 56.9% last year, according to data from CoinMarketCap. However, it is currently trading at $67.10. In the same period, Bitcoin decreased by 67.3 percent to $ 16,614.64. Also, Ethereum and XRP fell 70.5% and 61.5% to $1,192.83 and $0.357658, down 70.5% and 61.5%, respectively. Litecoin’s continued growth has never been interrupted in the 11 years of existence of the blockchain network powering the digital currency. It also takes precedence in the fact that it adds credibility to the trust in it as a viable payment alternative.
Evidence of LTC resistance on chain
Data from Santiment shows that Litecoin has a relatively high resilience compared to Bitcoin. cryptocoin.com As we have also reported, the LTC/BTC price ratio has increased by 130% since June 12. Also, the Litecoin protocol has registered the highest number of addresses holding at least 1000 LTC in their wallets. This metric currently invalidates the assumption that the crypto winter has negatively impacted the usability of top digital currencies like Litecoin. The metric is further sanctified in the call that Litecoin’s price could effectively bottom in the $25 to $30 price range.
Analyst Profit Blue considers Litecoin to be able to lift a sustained bearish resistance at the next market crash. However, he predicts a double bottom will occur, which would be a good setup for a renewed price hike. Profit Blue’s predictions could be labeled as the worst-case scenario of a market crash based on the current bearish trend that the FTX boom has brought to the industry as a whole. Over the past year, Litecoin has only touched $40.68 as its worst price. The chances of the bulls abandoning this record to meet the conditions set by Profit Blue are slim.
Ecosystem growth and rising utility
Litecoin remained among the most used currencies by top e-commerce and fintech service providers. Integrated as a means of payment in Paypal, Bitcoin is tagged alongside Ethereum and Bitcoin Cash (BCH). It also reported earlier this month that it featured prominently in the new Metamask-Paypal integration for Web3 users.
Also, Litecoin holders have a growing number of outlets where they can spend their money. Some of these outlets include, but are not limited to, Bitpay, MoneyGram, Shopify, and NowPayments. The Litecoin Foundation provides more benefits for the community. Cases can be recorded in the coming year when the altcoin outperforms other innovative protocols such as Solana (SOL).