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Assessing Litecoin’s bounce, social supremacy, and everything in between

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Assessing Litecoin's bounce, social supremacy, and everything in between

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  • Litecoin outperformed Bitcoin and jumped to the top of social rankings.
  • The rally may not last as LTC could be termed overvalued.

Litecoin [LTC] separated itself from the broader market fall after the Fed decision ended in an interest rate increase. The decision may have negatively affected Bitcoin [BTC], and several others, but LTC was able to pick out a 13.78% uptick as its own repercussion.

How much are 1,10,100 LTCs worth today?

Usually, a circumstance like this would have been a result of a notable development around a project. However, this was not the case with the native cryptocurrency of the low-cost blockchain payment network.

Hail LTC, king of the social network

Regardless of its silence with upgrades, LunarCrush reported that no other coin matched up to LTC in terms of social and market activity. At press time, social engagements peaked at 29,819,175 while mentions were at 4,467.

Litecoin social metrics, altrank, and LTC price

Source: LunarCrush

Being at the top of the standings means that LTC had an excellent status as per its financials, community, and market metrics. It also infers that investors considered the coin as a promising one in the short term. 

Although LTC may have obtained investors’ confidence and outperformed BTC, the next line of action might be to take caution. This was due to the on-chain condition as displayed by the Market Value to Realized Value (MVRV) ratio.

Could be time to tone it down

The metric functions as an outstanding indicator to spot market tops and bottoms through halving cycles. It also tells when an asset is undervalued or otherwise. At press time, the 365-day MVRV ratio was 25.95%. 

Long-term holders might be considerably unperturbed by this position since LTC was 82.56% down from its ATH. However, the metric increase might not be the same for investors looking for quick gains as this implied that LTC could be overvalued.

Furthermore, the MVRV long/short difference seemed to agree with the ratio position. At the time of writing, the metric was 19.85%. Since it was not on the negative axis, it means that short-term realized profits could sink anytime soon.

Litecoin MVRV ratio and long-short difference

Source: Santiment

Read Litecoin’s [LTC] Price Prediction 2023-2024

Interestingly, it looked like traders had already got wind of the LTC possible correction. This inference was because of the closeness between the positive sentiment and its opposite number. While the negative sentiment shows disinterest, the positive sentiment usually measures the level of excitement.

At the time of writing, the initial hike in elated perception had fallen drastically while the negative sentiment edged out the competition at 144. An explanation of this scenario aligns with the traders’ reduced enthusiasm for a further LTC hike.

Litecoin postive and negative sentiment

Source: Santiment

In conclusion, LTC’s price seemed determined to test new highs. And since it split from the Bitcoin correlation over the last day, one can’t say for sure if the king coin would influence its next movement.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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