$LTC could also face new downside pressure if miners continue to sell.
The miner capitulation scenario has hindered Bitcoin bulls too, with the struggle catalysed by the reduced revenue and broader market weakness that had BTC shrinking since hitting its all-time highs in March.
Data from IntoTheBlock also shows a notable decline in LTC miner holdings.
Per the analytics platform’s miner balances metric, top Litecoin mining pools and entities have recently witnessed their total holdings fall from around 2.28 million LTC on March 28, 2024, to about 1.46 million as of August 26, 2024.
This implies a miner sell-off of over 820,000 LTC, worth more than $52 million at current prices.
According to data from IntoTheBlock, about 74% of addresses holding Litecoin (LTC) are at a loss at the current prices.
The market analytics and intelligence platform shows that over 6.11 million addresses with LTC acquired the cryptocurrency at average prices higher than $63.52 at the time of writing.
It leaves 1.5 million addresses, accounting for about 18% of holders in profit. Meanwhile, just over 614K addresses, or 7.4% of the holders are at breakeven prices.
I personally have huge loss on LTC as I had bought it in 2021 when the price was around $200. But till there are people who got to buy LTC on $35-40 and made huge profits.
But I have been recovering my losses through future trading.
Recent survey shows that the majority of the crypto community prefers social media platforms over news websites to stay informed. Specifically, 73.8% of respondents rely on X, YouTube, or Telegram as their main news sources, while only 6.5% turn to news websites.
$BTC $BNB $SOL . What's your favorite site? mine is X.
Extremely high chance that $PEPE will end this bull run with price of $0.00003/4. (again remember $PEPE is still not listed on coinbase and robinhood).
Crypto coins like $LTC which are valuable in the real world, best and fast transaction, low fees, but it has become like a dead coin. Then there are crypto like $PEPE (meme coins) which have no real value which rises up more than 600%.
When $BTC was at the highest in 2021 trading at $68800,$LTC was trading around $400.
But looking at the current price BTC has almost reached it's highest price currently trading at $68500 but the price of $LTC is only $90. (even finding it difficult to cross $100) 🔥If you are LTC holder what are your thoughts on this??
Crypto is an unexpected market. Anything can happen but not sure about the future of LTC.
Have you invested in LTC?
If you are LTC holder, comment if you are still trading in LTC.
Litecoin (LTC -0.30%) is once again trading sideways, with seemingly little or no upward momentum. Its current price is $69.78. Litecoin is almost 81% down from its ATH of $413.49, which was in May 1 2023.
One of the things people were expecting was that the rising of Litecoin would be on its halving day. Litecoin halving was on August 2023. Before 1 month of the halving on July 2023, it was trading at $115, but after that, the price started declining. On its halving day, the price was trading on $87-$88. Later, it declined more to $56.
Litecoin's halving events occur only once every four years, which is why they are so highly anticipated. Previous Litecoin halvings occurred in August 2015 and August 2019, and both were associated with upward spikes in its price. Theoretically, then, the halving coming in August 2023 should also have been preceded by a price spike, but it didn't happen that way. It was completely the opposite.
Even though Litecoin is coming up with many partnership and also it is also one of the best methods of payment people use. Litecoin has become no. 1 for three months straight, with more people choosing to PaywithLitecoin than any other cryptocurrency. But this is still not helping the price to grow.
Even during the recent rise in the crypto market, with btc over $52,000, every other crypto was on the rise except Litecoin.
🚀🔥So, there is this skepticism that will Litecoin make it to its ATH because even reaching $100 is becoming hard.