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- The old adage goes, slow and steady wins the race. In truth, it still applies to a variety of situations
- Due to renewed market momentum and increasing client demand for smart contracts and non-fungible tokens [NFT], Litecoin has developed OmniLite, a decentralized token production platform
- Consider this despite the crash, there were still roughly 390k addresses at the time of publication
The old adage goes, slow and steady wins the race. In truth, it still applies to a variety of situations. Many people identify it with Litecoin when discussing it in the context of cryptocurrency. With its strong rallies and price movement, digital silver has been testing this concept recently.
This season, Litecoin has achieved some significant advances. This is despite the fact that it was not untouched by the recent flash crash and actually fell by 21%. Nonetheless, as the market began to consolidate, there were some encouraging indicators for LTC holders and investors. Is it possible that Litecoin will emerge stronger as a result of this consolidation?
Due to renewed market momentum and increasing client demand for smart contracts and non-fungible tokens [NFT], Litecoin has developed OmniLite, a decentralized token production platform. OmniLite, according to the Litecoin Foundation’s blog, is an open-source platform dubbed Ethereum Killer.
On the Litecoin network, it will introduce smart contracts, DAOs, tokenized assets, and NFT capability. In addition, Litecoin has been making strides in other areas of growth. In reality, the network is projected to benefit from LTC’s MimbleWimble Extension Blocks (MWEB) upgrade, which will increase fungibility and privacy. LTC’s on-chain activity has also been quite strong recently, as evidenced by a continuous increase in inactive addresses and daily active addresses.
Consider this: despite the crash, there were still roughly 390k addresses at the time of publication. The ATH of Litecoin is currently around 485k, which is significantly higher than the ATH of Ethereum. Furthermore, according to a Santiment study, Litecoin’s active addresses moving average is still on a year-long increase and is on the verge of overtaking Ethereum. Bitcoin, on the other hand, remains the market leader.
Surprisingly, due to ETH’s hefty fees, LTC has been able to keep up with Ethereum’s everyday activity. On the other hand, LTC’s network suffered a significant drop in profit and loss. That, on the other hand, could indicate that the market is shaking off weak hands.
Furthermore, because the MVRV 30-day for LTC was essentially neutral, the metric showed that its low price could be a local bottom. This could be beneficial to the cryptocurrency’s price in the near future. Another positive sign was Litecoin making higher lows on the 4-hour chart.
Despite wider market consolidation, it suggested that the price has been moving up. As a result, it appears that Litecoin has a decent probability of rebounding once more. Long-term investors and whales, on the other hand, would need to step up if LTC is to make a greater rebound towards its May highs. If and when that happens, it’ll be a good moment to discuss any potential changes. Whether or not such a possibility exists.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
