LTC - The pet rock finally moved big
Assets covered: Litecoin (LTC)
Metrics used: Price, MVRV 7D, Daily Active Addresses, Social Dominance
After bouncing off the lows in late September, LTC moved on to make a 2x recently after a series of higher highs, higher lows and eventually breaking out decisively with huge volume.
This move should eventually see some consolidation before the next move but overall, trend is still on the up side.
One interesting thing to note is that LTC's price mirrors very closely to BTC's as seen below:
This also means that LTC isn't exactly a strong altcoin as it didn't show any strength when BTC dumps, it's mainly BTC dragging it along.
With the price spike, we too see social dominance shooting up. Which eventually peaked just as the price topped out, indicating that the crowd lost interest in LTC pretty quickly in the crypto conversations.
Daily Active Addresses (DAA)
LTC's Daily Active Addresses' been rather consistent and growing over the past 3 months (even despite the major dip in September), which is a great as this is what we want to see in a healthy network.
It recently saw a spike in DAA as price spiked (naturally so) and has not seen any major drop yet, so far so good.
LTC's MVRV 7D which measures the short-term profit/loss of holders is showing that we are in the danger zone, as all short-term holders are in the profit at the moment - Which could incentivise them to take some profits.
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