As one of the first cryptocurrencies, the growth of Litecoin [LTC] it has disappointed many investors.
Although it corresponds to Bitcoin [BTC] at one point, LTC seems to have found solace in the midst of mediocrity as well as its development over the years.
The year 2022 may have been called worst for LTC, but its recent 6.12% price hike at press time seems to work against the label.
As for CoinMarketCap, LTC was trading at $ 64.07, an increase of 9.82% in seven days at the time of this writing. However, staying green may not necessarily have changed LTC’s disappointing performance as the coin appeared to only meet the demands of short-term traders.
No glory, the guts are gone
While short-term investors may have breathed a sigh of relief in appreciation of greens, LTC has not yet overcome its challenges.
According to the BlockChair website, LTC was at a standstill struggling with maintaining a good volume of transactions and total count.
Based on data from the blockchain analytics platform, there have only been 100,372 Litecoin transactions in the past 24 hours with 573 blocks created.
Additionally, the transaction volume was 68,117,459 at press time with its current price far from the June high and close to the 2018 low.
LTC investors can only hope that the upside continues at a favorable level.
Source: Block Chair
Recall that LTC earned a few weeks ago, when it was added to Binance’s DeFi staking program. But is the current price hike enough to maintain LTC investor expectations?
“On-chaining” the specifications
According to data collected by Glassnode, new addresses on the Litecoin ecosystem were relatively low.
In fact, the current new addresses earned were almost the same as the August 2020 issue. Despite its last substantial increase in November 2021, the year 2022 only led to declines in LTC.
Source: Glassnode
With BTC reaching a billion unique addresses, LTC appears to be stuck at 148 million. So is there anything else that could elicit a positive reaction from LTC loyalists?
Even a look at Santiment didn’t do much to spark good news. Development activity has been totally flat as from July. However, it It seemed that there had been some business among the whales that held more than $ 5 million.
Active addresses have also seen a slight increase in the last 24 hours from 308,000 to 335,280.
Source: Glassnode
While these metrics may signal some positives, wouldn’t long-term LTC investors start thinking their wishes might be a pipe dream?