Litecoin experienced a massive holder exodus in late 2023. On-chain analysis firm Santiment reported that 199,000 LTC wallets have already abandoned assets this year. The 10-day rapid decline for the altcoin marks the steepest decline of 2023 so far after a difficult second half of 2022.
Santiment: 199 thousand holders debuted in 10 days!
In the days leading up to the wallet dump, Litecoin traded between approximately $69 and $75. While the altcoin was well below its 2021 all-time high of over $400, it had at least stabilized after losing momentum in previous months. According to Santiment, the number of LTC holders disposing of their positions has exploded in the last few days. Approximately 199,000 wallets that held tokens just 10 days ago had now sold whatever they had.
The mass exodus of Litecoin holders marks the steepest decline of 2023. This has outpaced the increasing FUD and selling pressure seen since October 2022, when broader macro conditions began to deteriorate significantly.
Altcoin price prediction: Direction is up
Crypto analyst Ritika Sharma portrays the technical outlook for LTC as follows. LTC price rose to the nearest resistance level of $75.37 after news of BitPay integration came into play. The bulls pushed the price higher after hovering around the 50-day EMA. The altcoin is currently at $74.4. The current support for LTC bulls is the $59.3 level.
Last month’s data has proven that this level is a good demand zone for the cryptocurrency. However, another important success for the bulls is the 2nd support level for the altcoin, which is $47.7. This indicates that price volatility is on the bullish side.
Litecoin integration into BitPay
cryptokoin.comAs you can follow from BitPay has integrated Litecoin into its payment options. This development provides the altcoin project with more widespread use. It also demonstrates its increasing practicality in daily operations. This move means a deeper involvement of cryptocurrencies in daily financial activities. Therefore, it indicates a progressive trend. Litecoin’s expansion into the physical market is important. As of November, Mecum Auctions began accepting Litecoin as a payment method.
Its adoption by a reputable auction house is a testament to Litecoin’s growing confidence and capabilities as a transaction currency across various market sectors. This move highlights a transformative approach to cryptocurrencies.
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