How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department

Christian Encila

2 years ago

3 mins read

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Litecoin (LTC) seemingly hit a speed bump that caused its bullish run to slow down a bit after it rallied all the way up to the $83 zone on December 5.

The following day, the cryptocurrency closed the trading session with a trading price below the $80 marker before reclaiming said territory on December 7.

Since then, the altcoin has been on a downward trend although it is already showing signs of recovery. In fact, at the time of this writing, according to tracking from Coingecko, Litecoin is changing hands at $78.18.

LTC only managed to go up by 3% during the last 24 hours but it is still enjoying an increase of 36.3% in its value over the last 30 days.

Moreover, the asset, despite its recent price dump, has once again managed to outperform other major cryptocurrencies in other departments.

Litecoin Surpasses Ethereum, Dogecoin, XRP In Transactions

The 13th largest digital currency with a total market cap of $5.60 billion recently emerged as one of the top choices among cryptocurrencies used as a mode of payment for Bitpay.

Specifically, Litecoin accounted for 27.64% of the overall tally of transactions that were being processed by the company’s platform.

Although it failed to supplant Bitcoin in this category after the maiden crypto appeared to have been utilized as payment for 41.62% of Bitpay’s total transactions, LTC still beat the likes of Ethereum (ETH), XRP and Dogecoin (DOGE).

In addition, the altcoin also proved to be profitable for its miners as data shared by CryptoCompare revealed Litecoin mining had an extremely high profitability rate of 58%.

Along this line, its network hash rate also spiked by 3.05% during the last 30 days – a development that suggests that the asset’s blockchain remains strong and healthy.

A Bearish Outlook Looms For Litecoin

After a bear market-defying performance, LTC seems to be headed on a decline that might cause it to lose the gains it had when it increased its price by more than 33% after November 23.

The cryptocurrency experienced rejection when it tested the resistance region of $84.45 as its Relative Strength Index (RSI), which now stands at 38.40, has fallen below the 50-neutral score.

The current state of the above-mentioned technical indicator coupled with its Chaikin Money Flow (CMF) which was below zero (-0.06) at the time of this writing indicates the momentum now belongs to sellers.

With that being said, Litecoin appears to be headed for another bearish trajectory and if left to deal with the possibility of a decline all the way down to $70.40.

LTC total market cap at $5.6 billion on the daily chart | Featured image - The News Wheel, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.