- LTC was able to record a price gain of more than 4% heading into the weekend.
- Despite this, LTC is still down by more than 24% over the past two weeks.
- Multiple on-chain metrics for LTC experienced concerning declines over the past few weeks.
The global crypto market cap increased more than 2% over the past 24 hours, according to the crypto market tracking website CoinMarketCap. As a result, the total stood at approximately $1.04 trillion. This comes after many cryptos printed gains during this time period. One such crypto was Litecoin (LTC), which printed a 24-hour gain of more than 4%.
As a result, LTC was trading just below its daily high of $75.28 at press time. The recent gain achieved by LTC’s price was still outshadowed by the near 24% loss the altcoin experienced in the past 14 days. During the past 2 weeks, LTC’s price dropped from $95 to approximately $74 at press time.
In addition to this, LTC’s price also suffered over the past week as its 7-day performance stood at -14.12%. Overall, the altcoin was down by more than 80% from its all-time high of $412.96, which was achieved in May of 2021.
The significant decline in LTC’s price in the last 2 weeks caused apprehension among holders, leading many to take a step back and reconsider their positions. The supply held by mid-term holders, who have held LTC for more than a month but less than a year, experienced a decline as a result of this.
During this period, dominance of medium-term holders over the circulating supply decreased by 4% according to Messari, with the corresponding portion moving into the hands of short-term holders. These short-term holders are typically considered more volatile as they have held LTC for less than a month, making them more likely to engage in selling soon.
Moreover, the presence of investors is also currently a cause for concern. The number of active addresses on the Litecoin blockchain peaked at approximately 880,000 last month but has been rapidly declining since then. The average daily number of active investors has decreased by half to around 430,000, and it appears to be continuing on a downward trend.
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