Litecoin is now on the 2022 list of top altcoins. However, crypto volatility has been wreaking havoc on the space for the last 24 hours.
As of Monday, Litecoin is at $52.43, a drop of nearly 1.1 per cent in the previous seven days and a loss 2.5 percent during the last 24-hours, Coingecko data show.
At a glance, it can easily be said that LTC is on the same boat. However, when you consider the profit margin of LTC’s holders, you can see a huge disparity.
The Tough Spot is Profit-Wise for Litecoin Holders
TipRanks (an online data provider) revealed that only 15% percent of Litecoin’s total holders make profit, while 12% maintain status quo. The remaining 74% are suffering from severe losses. This was prior to altcoins hitting below the $53 mark.
Ethereum, by comparison, is performing better than the other digital coins. The data shows that 51% of Ethereum’s holders have made profits, while 46% suffered losses. The rest of the 3% are in break even.
This is not surprising as Ethereum continues to push for a bullish streak in light of its efforts to strengthen its network.
Litecoin on the other side was left with losses due to momentum derailment.
Network’s Stagnant State Causing LTC Decline
Litecoin’s network has little to no activity at all and that is one of the reasons why it is failing to catch up with the likes of Ethereum.
Litecoin, along with most of the crypto market, is now in a stagnant position and forced to adopt a bearish view.
In the weeks that have passed, crypto has been bleeding and it is continuing to do so.
Ethereum is still the topic of interest in the crypto community, even though it has had some difficulties maintaining a trading price at $1,500. recently transitioned into proof-of-stake (PoS) mechanism with what the space is calling “The Merge.”
Although the historic rally did not deliver what was expected from the altcoin king, investors and holders still had something to look forward too.
LTC market capital at $3.7 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from Cryptotelegram. Chart taken from TradingView.com