Litecoin (LTC) has experienced a significant decline in wallet holders. End datareveals that approximately 199,000 Litecoin wallets that were active ten days ago are now empty. This marks the most significant decrease in wallet holders for Litecoin since October 2022. This highlights a pivotal moment for digital currency.
⚡️ Approximately 199K wallets that held $LTC 10 days ago, no longer hold any coins. This is the biggest drop in wallets since October 2022. $LTC‘s market value etc. $BTC has dropped -55% in 5 months, but #FUD & small wallets dropping could turn this around. https://t.co/tIAj6ULd95 pic.twitter.com/SuhqULLfFm
NEWS CONTINUES BELOW— Santiment (@santimentfeed) December 7, 2023
Market Value Fluctuations Challenge Litecoin
In addition to this decrease in wallet holders, Litecoin’s Bitcoin The market value against (BTC) also declined rapidly. Over the past five months, Litecoin’s value has fallen by 55% compared to Bitcoin. This indicates a difficult period for the cryptocurrency. However, this decline in small wallet holders, combined with the prevailing fear, uncertainty, and doubt (FUD) in the market, could potentially lead to a comeback for LTC.
Despite these challenges, there is a sense of optimism for a potential revival in Litecoin’s fortunes. The recent adoption of Litecoin by leading payment processor BitPay, which allows Litecoin holders to fund their Microsoft accounts with LTC, indicates increased commercial adoption.
LTC/USD Technical Analysis
The day started with bearish momentum. However, Litecoin (LTC) bulls were able to reverse the trend after support was established at the 24-hour low at $72.42. As a result, the bulls rose to an intraday high of $74.64 before experiencing a minor pullback. However, the overall optimistic mood remained strong as buyers continued to push the price higher. At press time, LTC is trading at $74.30, up 1.13%.
The market value of LTC increased by 1.84% to $5,494,699,360. On the other hand, 24-hour trading volume decreased by 9.21% to $389,507,994. This decline in trading volume can be attributed to a short-term slowdown in market activity or a change in investor attitude. However, there is overall positive price movement and an increase in market value. This shows that Litecoin remains popular among investors.
As a result, LTC faces challenges with decreasing wallet holders and market value. However, recent developments and increased adoption point to a potential revival.