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Litecoin is one of the industry’s most reputable cryptocurrencies. There was no disagreement about the code being a like-for-like duplicate of Bitcoin. However, trust does not always imply remaining relevant. Other Altcoins have grabbed the sector and established their position as a better form of investment over the last few of years.
Cardano has risen ten times in the rankings. Chainlink and Polkadot are adding additional utility and creativity to space, while other DeFi assets have taken centre stage.
2018-2021: Litecoin at its period of two highs
2021 has been a wonderful year for Litecoin, as well as the rest of the Altcoins. It soared by 197 percent at one point, smashing beyond its all-time high. Nonetheless, the picture hasn’t altered in the last three years. Bitcoin and Ethereum both broke over their prior all-time highs (ATHs) from 2017-2018, and they have remained comfortably above that level despite the recent fall. However, the current value of Litecoin is the same as it was in April 2018.
Improved competition from other assets is one of the primary causes for this. Chainlink, Cardano, and Polkadot – their projects have surged in the market, bringing out a new breed of cryptocurrency with a clear goal in the area. It’s the same old tale with LTC; an alternative to Bitcoin that’s cheaper than BTC and quicker in comparison.
Its ecology has just not shown any significant difference or growth. And now, there are symptoms of deterioration in the fundamentals as well.
‘On-Chain’ isn’t Rolling Smooth
When all Litecoin addresses are included, the profitability of these addresses remains over 50%, but on-chain numbers do not become much more amazing than that.
In terms of activity, neither the number of Active Addresses nor the number of transactions increased until the breakout this year. It is worth noting that though BTC and ETH have not bridged the vast gap between 2018 and now, they have been able to hold higher levels for the previous two years.
Litecoin is just regaining comparable highs, but the current fall has sent it back to middling engagement. There is barely infrequent interest in the asset, which is only likely to survive because of its legacy currency tag.
Github development data
Github’s development index was also dismal. Github repositories show the number of active projects for developing or fixing a certain blockchain project. As previously said, several of the top 20 assets have a large number of developers actively working on upgrades. The numbers for Litecoin are a little humiliating.
‘I Will Survive…’
…is what Litecoin has been loud about in recent years. Its resemblance to Bitcoin and early acceptance continue to drive large transaction volumes for the asset. The judgement is still out on whether LTC will be able to survive another few years in the business.