As one of the earliest cryptocurrencies, the growth of Litecoin [LTC] has disappointed many investors.
Although it corresponds to Bitcoin [BTC] at some point LTC seems to have found solace in the midst of mediocrity according to its development over the years.
The year 2022 may have been called worse for LTC, but the recent 6.12% price increase at the time of writing seems to be working against the label.
From CoinMarketCap, LTC was trading at $64.07 – up 9.82% in seven days at the time of writing. Staying in the green didn’t necessarily change LTC’s disappointing performance, though, as the coin only seemed to meet the demands of short-term traders.
No glory, guts away
While short-term investors may have breathed a sigh of relief as they appreciate the greens, LTC still hasn’t overcome its challenges.
According to the website, BlockChair, LTC was still struggling while maintaining a good transaction volume and total count.
Based on the data from the blockchain analytics platform, there have been only 100,372 Litecoin transactions with 573 blocks created in the last 24 hours.
In addition, the transaction volume was 68,117,459 at the time of going to press, with the current price far from its highest in June and close to its lowest in 2018.
LTC investors could only hope that the rally continues at a favorable level.
Remember that LTC won a few weeks ago when it was added to the Binance DeFi staking program. But is the current price hike enough to live up to the expectations of LTC investors?
“On-chaining” the details
According to data collected from Glassnode, new addresses on the Litecoin ecosystem were relatively low.
In fact, the current newly acquired addresses were almost the same as the number in August 2020. Despite the last substantial increase in November 2021, the year 2022 has seen only declines for LTC.
With BTC hitting one billion unique addresses, LTC appears to be stuck at 148 million. So is there anything else that could trigger a positive response from LTC loyalists?
A look at Santiment didn’t do much to trigger good news either. Development activity was completely flat as it has been since July. It is however seemed that there had been some activity among the whales holding more than $5 million.
Active addresses have also increased slightly in the past 24 hours, from 308,000 to 335,280.
While these stats may indicate some positives, wouldn’t long-term investors in LTC begin to think that their wishes could be in the air?
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