Litecoin has made it to the list of best altcoins to buy in 2022. But for the past 24 hours, crypto has fallen prey to the volatility that is currently wreaking havoc in the crypto space.
At the time of this writing, Litecoin (LTC) is $52.43 . trading onDown about 1.1 percent over the past seven days, and down 2.5 percent in the past 24 hours, data from Coingecko show, Monday.
At a glance, it can be said that LTC is on the same boat with Ethereum, which is the second largest cryptocurrency in the world by market cap.
But taking into account the percentage of its holders making profits, a large disparity can be observed.
Litecoin Holders in Tough Position, Profitable
TipRanks, an online data provider, revealed on September 25 that only 15% of the total holders of Litecoin are making profits and 12% are in the status quo, while 74% are dealing with tremendous losses. This was before the altcoin started falling below the $53 mark.
In comparison, Ethereum is doing better than its fellow digital coin. Data shows that 51% of its holders are in profit while 46% have made losses. The remaining 3% is breaking even.
The huge difference between the percentage of holders of the two altcoins enjoying profits comes as no surprise as Ethereum is embarking on a bullish streak following initiatives to improve its network.
Litecoin, on the other hand, was left to deal with momentum-ravaged losses.
LTC declines due to stable network status
Litecoin has little or no activity in its network and this is one of the reasons why it has failed to catch up with the likes of Ethereum.
With its stable position, Litecoin is forced to take a bearish outlook along with most of the cryptocurrency market.
The crypto space has been bleeding heavily over the past few weeks and the trend continues today.
Meanwhile, Ethereum, despite showing some struggle to maintain a trading value of $1,500, is the subject of excitement from the crypto community as it Recently transitioned to a Proof-of-Stake (PoS) mechanism, which Space is calling “The Merge”.
Although the historic event failed to deliver the rally expected from the king of all altcoins, it did give holders and investors something to look forward to.
LTC total market cap at $3.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptotelegram, chart from TradingView.com
Credit : www.newsbtc.com