As one of the first cryptocurrencies, the growth of litecoin [LTC] has left many investors disappointed.
Despite matching Bitcoin [BTC] At some point, LTC seems to have found solace amidst mediocrity based on its development over the years.
2022 may have been a worse year for LTC, but its recent price increase of 6.12% at press time appears to be working against the label.
according to CoinMarketCap, LTC was trading at $64.07, a seven-day increase of 9.82% at the time of writing. However, staying in the green may not have necessarily changed LTC’s disappointing performance, as the coin only seemed to cater to short-term trader demands.
No glory, the guts are gone
While short-term investors may have breathed a sigh of relief appreciating the greens, LTC has yet to overcome its challenges.
According to the BlockChair website, LTC was still struggling with maintaining a good transaction volume and total count.
According to data from the blockchain analytics platform, there have only been 100,372 Litecoin transactions in the last 24 hours with 573 blocks created.
Furthermore, the trading volume was 68,117,459 at press time with its current price far from its highest level in June and close to its lowest level in 2018.
LTC investors could only hope that the rally continues at a favorable level.
Remember that LTC livestock a few weeks ago when it was added to the Binance DeFi staking program. But is the current price increase enough to keep LTC investors’ expectations up?
“Chaining” the details
According to data collected from Glassnode, new addresses in the Litecoin ecosystem were relatively low.
In fact, the current new addresses obtained were almost the same as in August 2020. Despite its last substantial increase in November 2021, the year 2022 has only brought declines to LTC.
With BTC hitting 1 billion unique addresses, LTC seems stuck at 148 million. So is there anything else that might generate a positive reaction from LTC loyalists?
A glance at Santiment didn’t do much to trigger good news, either. Development activity was totally flat as it has been since July. Anyway, that it seemed that there had been some activity among the whales who owned more than $5 million.
Active addresses have also picked up a bit in the last 24 hours, going from 308,000 to 335,280.
While these metrics may point to some positives, wouldn’t long-term LTC investors begin to think their wishes might be wishful thinking?