Is Litecoin looking...strong?

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Ibis
Jul 20, 2021

While most top blockchains continue to struggle with an ongoing decline in daily network activity, Litecoin didn't seem to get the memo:


Despite a -13.8% drop in price, the amount of unique addresses interacting with LTC has grown by +47.5% over the last 10 days. Potential bullish divergence?


It's also worth noting that Litecoin's 365-day MVRV ratio is currently sitting at -39%, virtually the same level that marked the 2019/2020 bottom (respectively):


Historically speaking, there's still more room to the downside, but it'll be interesting to see if -40% gets confirmed as a de-facto 'bounceback' zone in days to come.


Oh, also, addresses holding 1k - 100k LTC have increased their holdings by 270,000 LTC (~$30m) since the start of the month:


Still early to tell, but I'd keep an eye on Litecoin's daily addresses this week. If the growth proves sustainable, it would be a rare example of network strength among crypto's top caps.

LTC
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Ibis
Jul 20, 2021

Thanks for reading!

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