- Litecoin emerged in 2011 as a faster alternative to Bitcoin.
- Mathematician John Bollinger uses his invention to evaluate the performance of LTC.
- According to Santiment, Litecoin outperforms XRP, ADA, SHIB, and other adult coins in important metrics.
John Bollinger, a renowned mathematician and financial analyst, is widely known as the inventor of Bollinger Bands (BOL), a useful technical trading tool in the ever-changing cryptocurrency environment.
Bollinger Bands, introduced in the early 1980s, were first applied to traditional stock and bond markets in an attempt to answer the question of whether prices were relatively high or low.
LiteCoin participates in Bollinger Bands testing.
Litecoin (LTC), one of the first alternative cryptocurrencies, has often been seen as a safe haven during periods of sharp market downturns. However, LTC is still down 17% from a year ago, raising concerns among holders.
A few days ago, a crypto trader named Bamboo gave Bollinger a challenge. Based on the most recent monthly LTC price chart, the follower asked the financial giant about the outlook for LTC. After a brief discussion about the setup to get the full picture, Bollinger posted his verdict.
“It’s annoying, it’s annoying. It’s time for LTC to wake up.” Bollinger makes this statement because the chart suggests very narrow Bollinger Bands. Simply put, narrow Bollinger Bands indicate steady price performance and low price fluctuations. Bollinger Bands widen when the volatility of a coin triggers a sudden rise or a large drop.
LiteCoin emerges as the best choice for HODLers.
In another related example, blockchain intelligence platform Santiment calculated the number of cryptocurrency wallets that have not been empty for 10 years. While some of the chains included have not existed for 10 years, this metric shows which cryptocurrencies are considered long-term investments or stores of value.
Interestingly, crypto enthusiasts are most loyal to Litecoin, which currently has 8.08 million non-zero balance cryptocurrency wallets on its native chain. For comparison, XRP has 5.24 million wallets on the XRP Ledger, while Dogecoin (DOGE), which was founded just two years after Litecoin, has 6.69 million non-zero addresses.
Litecoin is trading at $73.14 at the time of writing, up 1.5% in the last 24 hours. This places Litecoin’s monthly performance in the green, indicating a 5% gain. Looking away from the monthly chart, it is fair to say that LTC is still over 80% behind its all-time high of $410, which was claimed on May 10, 2021.
On the other side
- Unlike its major asset, Bitcoin (BTC), Litecoin has lost some of its importance over the years.
- Once considered the ‘digital silver’ to rival gold, LTC is now the 21st largest cryptocurrency by global market cap.
Why this matters
Derived from the Bitcoin code, Litecoin has a maximum supply of 84,000,000, which is 4 times larger, and a faster transaction system. These characteristics have made LTC the dominant asset in the altcoin market.
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