MEXCWhat’s Happening With Litecoin Price?
Litecoin, the lite version of Bitcoin, has been trending in the crypto market for the past few days. Apart from its unique features, Litecoin has created a new milestone in its career. But the Litecoin price has a completely different story to tell.
In this blog, let us discuss what is happening with the Litecoin price.
Litecoin Price Analysis
Litecoin price has faced a massive reversal within a day. The token is trading at $85.79 after a 10% fall in the last 24 hours and a 16% fall this week.
The market cap also faced a decline to $6,384,740 512 with its 10% fall. In contrast to the price performance, Litecoin’s number of transactions has increased in the last 24 hours. The trading volume is at $1,102,034,170 after a surge of 85.40%.
Earlier, Litecoin had barely managed to stay in a hike for two weeks before its fall today. During those two weeks of periods, Litecoin was able to maintain its price in profit after a long time as its value surged to a year high of $112.8
Litecoin Price Prediction
Though Litecoin is on a losing streak, the price charts do indicate a healthy retracement. It is a possible indication of a bullish uptrend. Earlier, the pullback wavering data reflected 38.2% Fibonacci retracement level, confirming the bullish prediction.
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The analysts believed Litecoin price to catch a bullish trend in the upcoming days, surging to a high of $122 before aiming for the 140 mark. This analysis also comes true with the upcoming Bitcoin halving event, which will lift the crypto market from its current correction zone.
Litecoin is almost 80% away from its all-time high value. If the post-halving bullish run did happen, a peak above the ATH might happen for the Litecoin price.
Litecoin Marks 5 Million In Long Term Holders
According to the IntoTheBlock data, Litecoin has achieved five million long-term holders, which is around 62.5% of all Litecoin holders.
Amazing milestone for Litecoin!
💎The network now counts over 5 million long-term holders of $LTC.
👉This figure represents 62.5% of all Litecoin addresses with a balance. pic.twitter.com/K5FHz3Ivjs— IntoTheBlock (@intotheblock) April 12, 2024
The on-chain data also revealed that around 67.67% of Litecoin holders are in a profit. The other 5.53% of holders are in equilibrium, neither in loss nor in loss. Lastly, 26.8% of Litecoin holders (2.15 Million) are at a loss.
Also Read: Impact of Hostile Regulations on Bitcoin (BTC) Price
In this count of 5 Million addresses, February 2024 played a significant role as the maximum Litecoin adoption happened. More than 170,000 accounts were created within a week at that time, making the total come to 20.6 Million Litecoin addresses today.
It indicates the long-term viability of Litecoin, displaying the popularity of this cryptocurrency in the crypto market.
Conclusion
Litecoin is not the only cryptocurrency in the correction zone, as the global market cap is down by 4.78%. It is anticipated that Litecoin price might surge in the next few days due to bullish indicators and upcoming Bitcoin halving events.
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