Due to the ongoing volatility among the main market movers, Litecoin’s price action at the start of the month had been bumpy. The majority of altcoins have decreased in value together with bitcoin during the past month. However, with a strong performance on Christmas Day, Litecoin became the biggest gainer. This improved its performance and pushed it in front of market leaders like bitcoin and Ethereum.
Nevertheless, LTC had a problem just before reaching $70. This implies that if you beat $70, LTC will probably rise quickly to $80. But for LTC, $100 is still a long way off. Litecoin was ranked fourth among active cryptocurrency projects by LunarCrush.
But the upcoming halving event in August 2023, which could signal a positive trend for Litecoin, is a significant event to watch out for. The block reward could then fall by another 50% to 6.25 LTC when this occurs. As long as demand is high, this drop in supply can result in an increase in price.
Cryptocurrency analyst Michael Van De Poppe said that LTC Price is continuing to show strength.
According to Glassnode Data, the Puell multiple was 0.77. The Puell Multiple contrasts the 365-day moving average with each day’s coin issuance. A multiple of the average Puell is indicated by the current figure.
The profitability of the miners was therefore somewhere between low and huge profits. The profitability of the Litecoin network, according to Santiment, was -11,300. This measure provides an overview of market sentiment as well as network profitability.