Litecoin’s battle for remaining relevant in the crypto industry has gotten worse as analysts say despite the efforts, it’s becoming more redundant in the space. In our Litecoin news today, we can find out more about what the cryptocurrency is doing to fight this.
Market analytics indicated positive sentiment and according to Santiment’s recent data, Litecoin’s battle for remaining relevant is getting worse while displaying a 3-month high in terms of address activity divergence with the current price levels. Litecoin was known to lead Bitcoin in bullish rallies while now it is 131 percent above the main expected level.
In spite of the positives, there’s no discussion that Litecoin is fighting for its life to stay afloat in the top cryptocurrency list and to stay relevant longer. A bit of unpopular opinion to start with since LTC is a popular asset, but it now seems that its popularity is reaching the end of the rope. By looking at the weekly charts, its price movement was extremely disappointing in 2019. The asset didn’t take advantage of the bullish rallies this year while BTC and ETH consolidated higher and clocked new all-time highs. Litecoin seems to have forgotten that price performance is the most important factor to attract investors or traders.
Without a comparison between Litecoin and the new altcoin projects, it’s important to note that the projects will take another step forward as well. For Litecoin, the most important development with the privacy protocol MimbleWimble came back on May 4th and the developers revealed that LTC is undergoing a codebase integration that did nothing to excite the digital asset industry. Recently, the Litecoin Foundation revealed that the testnet launch for MimbleWimble is on track but it could do nothing to improve the current position Litecoin has on the market.
One major announcement with regards to LTC came to a while ago when Grayscale announced the LTC trust going public. It was indicated that to trade at a premium of 750% will bring high premiums but these premiums hardly meant anything let alone higher institutional interest. LTC still works with the code still being a copy of Bitcoin so there’s no doubt with regards to the functionality with the asset getting more competitive with every passing day. if LTC is unable to perform in terms of price, other assets will go ahead of it.
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