Known as the ‘Silver Bitcoin‘, Litecoin continues to trend in the crypto market over the past few days. However, when it comes to the price of Litecoin, things seem to have changed a bit. So, what’s happening with Litecoin?
Litecoin Price Analysis
Litecoin’s price experienced a significant movement within a day, drawing attention. Following a 10% drop over the last 24 hours and a 16% decrease over the week, the token is now trading at the $82 level.
During this period, the 10% drop in volume brought it down to $6 billion. Contrary to the price movement, Litecoin’s transaction count has seen a noticeable increase in the last 24 hours. The trading volume surged by 85.40%, surpassing $1 billion.
Previously, Litecoin had managed to rise during the two weeks before today’s decline. In this fortnight, Litecoin reached its highest level of the year at $112.8 and managed to remain profitable after a long period.
Litecoin Price Prediction
Although Litecoin is in a downtrend, the price charts could be interpreted as healthy. This situation could also be seen as a possible indicator of a new uptrend.
Analysts suggest that Litecoin’s price might enter an upward trend in the coming days, aiming for $140 after reaching $122.
All these predictions are happening in parallel with the Bitcoin halving event, which is thought to transform the crypto market completely.
Despite all this, Litecoin still appears to be very far from its All-Time High (ATH), at 80% below. Post-halving, increased market activity could lead to Litecoin’s price surpassing the ATH.
The Future of Litecoin
According to data provided by IntoTheBlock, Litecoin has reached around 5 million long-term investors, which is about 62.5% of all Litecoin holders.
On-chain data also shows that currently, 67.67% of Litecoin holders are in profit holding their LTC. Another 5.53% are neither at a loss nor in profit, while 26.8% of Litecoin holders (2.15 million) appear to be at a loss.
Looking at the existing 5 million addresses, February 2024 stands out as the date when Litecoin was most adopted. In one week of February, more than 170,000 new accounts emerged, and today there are a total of 20.6 million Litecoin addresses.
