Litecoin made it to the list of the best digital currencies to buy in 2022. But over the past 24 hours, the cryptocurrency has fallen prey to the volatility that is currently wreaking havoc on the cryptocurrency space.
As of this writing, Litecoin (LTC) is Trade at $52.43down nearly 1.1 percent in the past seven days, and a 2.5 percent loss in the past 24 hours, according to data from Coingecko, on Monday.
At a glance, it can be said that LTC is on the same boat with Ethereum, the world’s second largest cryptocurrency by market capitalization.
But when taking into account the percentage of owners making a profit, a large disparity can be observed.
Litecoin holders are in a tough spot, in terms of profit
Online data provider TipRanks revealed on September 25 that only 15% of all Litecoin owners are making profits and 12% are in the status quo, leaving 74% dealing with huge losses. This was before the altcoin started to break below the $53 level.
In comparison, Ethereum performs better than other digital currencies. The data shows that 51% of holders are profitable while 46% incur losses. The remaining 3% are tied.
The significant difference between the percentages of cryptocurrency holders enjoying profit is not surprising as Ethereum is pressing for a bullish streak following its network optimization initiatives.
On the other hand, Litecoin is left to deal with the momentum derailment losses.
The stagnant state of the network causes LTC to decline
The Litecoin network has little or no activity at all which is one of the reasons why it has failed to catch up with the likes of Ethereum.
With its stagnant state, Litecoin is forced to take a bearish look along with the majority of the cryptocurrency market.
Over the past weeks, the cryptocurrency space has continued to bleed and the trend continues to this date.
Meanwhile, although Ethereum has shown some struggle to keep its trading price at $1,500, it is the subject of excitement in the crypto community because it It recently moved to a Proof of Stake (PoS) mechanism with what the space calls “merging”.
While the historic event failed to deliver the rally that was expected from the king of all altcoins, it gave crypto holders and investors something to look forward to.
LTC total market cap at $3.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptotelegram, chart from TradingView.com