InstaForex

August 23, 2021

Nightmare! What Has Happened To Litecoin (LTC)?

 It was like a nightmare to see the journey of Litecoin (LTC) starting 2021 with third position after Bitcoin (BTC) and Ethereum (ETH) before slipping to 13th in mid-June, and now ranked 16th!


In a study by Finder, 24% of panelists predicted the market value of LTC would bring these assets back into the top 10 list with 15% of them expecting by the end of the year and 9% predicting by 2025.


This makes the average panelist agree that LTC will re-trade over $ 200 by the end of 2021.


In contrast 76% of other panelists believe Litecoin will fail to return to the top 10 list. Factors also include several views including:


The relevance of LTC is increasingly lost as the dumping of crypto projects is launched

81% agree

ETH is better known as an alternative to BTC

39% agree

LTC’s reputation was affected due to the sale of assets by its founders in 2017

33% agree

Proof-of-Work consensus used Litecoin versus Proof-of-Stake

22% agree

Others

11%


As claims from technologist Joseph Raczynski, LTC may be back in a few years but its relevance will fade: "LTC has the potential to grow even though it looks increasingly irrelevant as other assets grow, only it's not so dramatic."


While crypto investment analyst Token Metrics and Zeppetini, Forrest Przybysz explained the depreciation factor was due to no innovation and utility additions being made.


Is there still hope for Litecoin?


Based on the number of active addresses for Litecoin, the last time it recorded a record low was on May 9, with only 238,482 active addresses on the network, indicating a declining number of entries at that time. However, at the time of writing, the number has increased to 411,368 thousand active addresses.


If LTC is leaning towards a higher price structure, it is undeniably bearish. However, for LTC/BTC it showed positive movement and there have been several retests.