The altcoin, which is in the middle of the old digital currencies, has never been cut in 11 years, the price charts are bullish.
This altcoin has never been discontinued in 11 years
Litecoin (LTC) is in the middle of legacy digital currencies in the blockchain ecosystem. It seems to be one of those that has lost its shine in the eyes of the general public. However, the value of cryptocurrencies is not only seen as undervalued by analysts, it is also ostracized 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 fell 56.9% last year, according to CoinMarketCap information. However, it is currently trading at $67.10. In the one-to-one period, Bitcoin decreased by 67.3 percent to $ 16,614.64. Additionally, 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 that powers the digital currency. It also takes precedence in the fact that it adds credibility to the credibility of 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. The LTC/BTC price ratio has increased by 130% since June 12. Additionally, 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 availability of most adequate digital currencies such as Litecoin. The metric is further sanctified in the invitation that Litecoin’s price can effectively bottom out in the $25 to $30 price range.
Analyst Profit Blue considers Litecoin to always be able to remove a bearish resistance at the next market crash. However, he predicts a double bottom will form, which will be a good reason for a renewed price increase. Profit Blue’s assumptions could be labeled as the worst-case scenario of a market crash based on the current bearish trend that the FTX boom brought to the branch as a whole. Over the past year, Litecoin has only touched $40.68 as its lowest price. The chances of the bulls abandoning this record to meet the requirements set by Profit Blue are slim.
Ecosystem growth and rising utility
Litecoin is stuck in the middle of the most used currencies by the most beautiful 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 evidently 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. It could be noted that in the next year the altcoin outperforms other innovative protocols such as Solana (SOL).