Litecoin shoots up by 4,620% – Not price, but…
One of the biggest disadvantages of Litecoin is its lack of demand, when compared to other altcoins in the market. At the same time, one of its biggest advantages also happens to be the lack of demand. That, in a weird way, is worth a milestone in itself.
Litecoin hasn’t reported any downtime. Ever. Running for ten years with 100% uptime, Litecoin is now one of the longest-running cryptocurrency networks in the world.
Understandably, the silver to Bitcoin’s gold blew up on social media channels on the back of its achievement. In fact, its mentions increased by 4,620% within a matter of hours today.
This is the reason its lack of demand is an advantage since the rate of development on the blockchain is appropriate to its usage.
When either of the two factors exceeds or falls back, the network faces some sort of outage or downtime.
However, it isn’t so that LTC has no demand at all. As one of the world’s most popular cryptos for payments, the altcoin is widely accepted. Just recently, for instance, it added Swiss luxury watchmaker Breitling to its list.
Worth pointing out, however, that these developments have meant zilch for LTC’s price. The altcoin is still stuck in a downtrend, losing more than 15% of its value this week. Trading at $49 at press time, the crypto slipped back into the bearish zone, having barely escaped it after being stuck in it for almost three months.
At the moment, apart from utility, LTC isn’t of much use for investors since it isn’t bringing much profit to its holders. The return on investment over the last 12 months has declined significantly, with the same in the negatives right now.
Furthermore, only a few hundred thousand investors out of the millions that own LTC are still in profit. These investors bought their supply at a price lower than the alt’s current trading price. These investors make up just 13% of all LTC holders.
Given that Litecoin’s market value is also at its lowest in forever, it wouldn’t be surprising if new investors refrain from putting their money into the asset. Even so, LTC’s existing community will continue supporting it regardless.