Litecoin and Dogecoin Lead in Active Wallets Among Top Altcoins
Release: 2024/07/26 01:14 Reading: 469
Litecoin: A Top-Owned Altcoin with Staying Power
Litecoin (LTC) stands as one of the most widely held alternative cryptocurrencies (altcoins), with over eight million non-empty wallets. Its longevity has played a significant role in its popularity.
Other notable altcoins with over five million wallets include Dogecoin and XRP. Cardano and Shiba Inu also rank among the top cryptocurrencies, despite a broader market decline of 5%, with most major coins experiencing losses.
Litecoin: A Veteran in the Crypto Market
Litecoin is one of the oldest cryptocurrencies in existence, launched in October 2011 by Charlie Lee. It was designed as a "lite" version of Bitcoin, leveraging its codebase.
Litecoin's resemblance to Bitcoin has been both advantageous and challenging. It has made LTC a viable alternative for investors seeking a lower-priced option or diversification while adhering to the decentralized ethos. However, it has also cast a shadow over LTC, limiting its ability to carve out a unique niche.
Despite these challenges, Litecoin remains a prominent cryptocurrency, boasting a market capitalization of over $5 billion, ranking it among the top 20 cryptocurrencies globally.
Litecoin's Recent Performance
In the last 24 hours, Litecoin experienced a dip of 8.3%, trading at $67.5. While this decline exceeded Bitcoin's 4.4% drop, it aligned with the performance of other similarly ranked tokens, such as Polygon, NEAR, Chainlink, and Uniswap, which all lost at least 7%.
Bullish Outlook
Despite the recent dip, some analysts remain optimistic about Litecoin's potential. One analyst observed that LTC has recently broken free from a multi-week falling wedge pattern, predicting a surge of up to 40%.
Furthermore, esteemed mathematician John Bollinger, creator of the Bollinger Bands technical indicator, has expressed bullish sentiments towards Litecoin, indicating that it may be poised for a revival.
Grayscale's Continued Investment
The bullish outlook is reinforced by the continuous investment in Litecoin by leading crypto investment firm Grayscale. This week alone, Grayscale acquired 10,000 LTC, adding to its previous purchase of 10,000 LTC last week.
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