- Analysts explained that Litecoin could face market extinction, along with a couple of other cryptocurrencies
- LTC traders chose to remain neutral as investor sentiment remained negative
Rating Leader of the CNBC Investing Club, Jim Cramer Litecoin [LTC] As one of those cryptocurrencies that may not see the light of another day in the coming years. added Cramer, who appeared in an interview with CNBC’s Squawk Box ripple [XRP] And the Dogecoin [XRP] to the list that may face extinction.
“I think you must be negative # encrypt. I’m negative $XRPAnd the Litecoin dollarsAnd the dogg Because I couldn’t find anyone who would take them,” @employee. “This is like $80 billion worth of non-Bitcoin currencies that are set to be wiped out.” pic.twitter.com/lrFbjtT0Wn
– Squawk Fund (@SquawkCNBC) December 16, 2022
Read Litecoins [LTC] Price forecast 2023-24
Speaking with host, Becky Quick, the “bullish market finder” believed his negativity was born from investors ignoring assets. However, Kramer’s ruling may seem surprising, especially as LTC is value increase 9.38% in the last 30 days.
In addition, several Development Track Litecoin’s performance among random social peaks. However, it also probably wasn’t a shock since investors were constantly criticizing other cryptocurrencies besides bitcoin [BTC] And the Ethereum [ETH].
Traders prefer not to be aligned
Regardless of the situation, Litecoin traders have remained in the loop neutral position. According to on-chain data, Litecoin performed 0% on the Binance exchange on December 17. Since it was neither positive nor negative, it does not imply dominance among short and long term traders.
In the case of open interest, Litecoin traders seem to have changed their minds. As of December 17, it is the 24-hour rate Mainly in decline. Data from Coinglass showed low interest in LTC across several exchanges. Therefore, Kramer’s opinion that no one cares about the coinage seemed to have some element of justification.
To further assess the activity of traders with LTC, the Derivatives Information Portal revealed this long to short ratio was 0.95. The indicator shows the amount of Litecoin available for short selling versus literally being sold. In addition, it serves as a barometer of investors’ expected expectations.
At the time of writing, LTC selling is at 51.32% while buying is at 48.68%. As it turned out to be a low percentage, it indicated negative expectations for investors.
Now is the season of resilience
The 30-day market value to realized value (MVRV) indices have reversed massive profit losses to shareholders since November 23. Based on the Santiment data, the MVRV decreased to -13.44%. This status indicates that Litecoin has been in a range bubble area Where no certainty appeared with the fair value of the coin or not.
According to its development activity, Litecoin has been stable in its steady state since November 25th. As of this writing on December 17th, development activity was 0.05.
Therefore, Litecoin has not added any notable upgrades to its network. However, the current market may be a bad season to conclude whether or not Litecoin will be wiped out.