Litecoin (LTC): What Next After New Low and 7% Uptick?

Though Litecoin isn’t a frontrunner within the cryptocurrency world, market players know it for being present no matter the case. The alternative token remains relevant due to its minimal and expansive use case. To date, traders/investors have backed on the use cases to recover losses.

Litecoin Secures New Audience

Another leading Canadian company introduced Litecoin payments yesterday. Oxio, an Internet Service Provider, listed LTC as a payment option for its services. The CEO confirmed that most of its new clients use Litecoin, thus the move to add the token.

The move would see Litecoin attracting a wider audience. That’s vital as many consider adoption a saver for the crypto asset. While writing this content, Litecoin traded at $68.31, gaining about 7% within the previous two days. However, the uptick isn’t enough to erase last week’s 31.66% decline.

Also, the alt remains within the oversold territory since it does not present swift recoveries. The Relative Strength Index plunged into the oversold area following the May 9 crash. That could not help LTC’s low market value and escalated the plummet. While publishing this content, Litecoin’s market cap explores lows seen in July 2020.

These developments appear since market players haven’t actively participated in the chain since January 2022. For instance, Litecoin’s daily transactions over the past five months noted a 19K uptick only.

On the other side, investors’ presence remained virtually unaltered over the last three months, with only 300K active holders. Contrarily, the asset had 295K active holders at the moment.

Furthermore, Litecoin’s returns justify investors’ inactivity and new investors’ absence. The yearly ROI appears uninviting as it stayed beneath neutral and needs an over 7% upward move to recover.

Though altcoin attempts to rise, platform activity reveals a struggle as the token fails to attract and retain users. Also, the ongoing bearish wave in the crypto world added to LTC woes. The alternative coin lost more than 30% within the previous week owing to unwelcoming market conditions.

For now, the broad market sees bears dominating as all recovery attempts by assets meet immediate rejection. While writing this blog, the global crypto market capitalization stood at $1.27 trillion, after a 0.99% loss.