Litecoin, ‘2nd Most Active Crypto,’ Rises After Analyst Called LTC Holders ‘Idiots’

Christian Encila

2 years ago

3 mins read

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Litecoin, an altcoin being hailed as the “digital silver” of the cryptocurrency space, has once again rewarded its faithful investors and holders as it mounted a massive recovery after bottoming out at $60.

Interestingly, the token made its bounce back shortly after CNBC host Jim Cramer went out of his way to call holders of LTC idiots.

Cramer, who has already earned a reputation for his inaccurate crypto price predictions, has already been thanked by the Litecoin community for his antagonistic remarks that ironically triggered the digital coin’s price increase.

“I would not touch crypto in a million years, because I wouldn’t trust the deposit bank,” Jim Cramer says while discussing the fallout of the collapse of FTX. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw

— CNBC (@CNBC) December 23, 2022

Some analysts believe that the host’s comments might have been fuelled by the fact that LTC was forecasted to be in a continued downward trend after abandoning its local high of $81.5 and tumbling all the way down to $69.

Chart: TradingView

Litecoin Reverses Its Bearish Trajectory

The 16th largest cryptocurrency with a total market capitalization of $4.93 billion once again showcased its resiliency as it got back some of its losses over the last few days.

In fact, according to tracking from Coingecko, at the time of writing, Litecoin was changing hands at $68.69 and is enjoying an increase in value of 5% over the last week.

It is still several dollars away from its local high, but LTC is proving to be one of the best performers in the space that is being plagued by continued market uncertainty.

LTC total market cap at $4.92 billion on the daily chart | Chart: TradingView.com

The crypto, however, needs to do an even better job of moving up if it hopes to get back on the “green zone” as far as its month-to-date performance is concerned.

LTC Rides Momentum Of Some Positive News

Litecoin is ranked as the second most active cryptocurrency today⚡

Source: Messari Chain Activity Native assets ranked by the estimated on-chain transaction volume in the last 24hrs. #Litecoin is consistently in the top 5 most active blockchains. pic.twitter.com/yrfrnr7GCZ

— Litecoin (@litecoin) December 27, 2022

Although it ended up being caught in a bearish movement just recently, Litecoin seems to benefit from some developments that involve the crypto asset.

For one, at press time, over the last 24 hours, the altcoin ranked second in the list of most active cryptocurrencies as reflected from the data shared by the Messari Chain Activity native assets ranking. LTC consistently makes it to the top five in this listing.

In addition, during the previous week, the number of active addresses holding the crypto remained consistent and its trading volume also registered an uptick.

These factors indicate that the digital silver has managed to gain some ground and is priming itself for another strong showing before the year ends.

In fact, Coincodex’s 5-day and 30-day forecasts for the digital token are both bullish, indicating that it will trade at $73.74 and $93, respectively.

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.

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