How Litecoin (LTC) outperforms other top cryptocurrencies in this department
Litecoin (LTC) appeared to hit a braking bump, causing its uptrend to slow down somewhat after recovering to the $83 zone on December 5th.
The following day it closed cryptocurrency the trading session with a trading price below the $80 mark before retaking that territory on December 7th.
Since then, the altcoin has been on a downtrend, although it is already showing signs of recovery. In fact, at the time of writing this article, according to tracking off coingeckoLitecoin is changing hands at $78.18.
LTC was only able to gain 3% in the last 24 hours but still enjoys a 36.3% gain in value over the last 30 days.
Furthermore, the asset has made it again despite its recent price dump outperform other major cryptocurrencies in other departments.
Litecoin outperforms EthereumDogecoin, XRP in transactions
The 13thth largest digital currency to emerge recently with a total market cap of $5.60 billion one of the top choices among the cryptocurrencies used as a means of payment for Bitpay.
Specifically, Litecoin accounted for 27.64% of the total number of transactions processed by the company’s platform.
Although it Bitcoin couldn’t topple out in this category after the first crypto appeared to be used as payment for 41.62% of Bitpay’s total transactions, LTC still beat the likes of Bitcoin Ethereum (ETH)XRP and Dogecoin (DOGE).
Additionally, the altcoin also proved profitable for its miners, data shared by CryptoCompare revealed Litecoin mining had an extremely high profitability rate of 58%.
In connection with this, the network hash rate has also increased by 3.05% in the last 30 days – a development that indicates that the Blockchain of the asset remains strong and healthy.
A bearish outlook is emerging for Litecoin
After one dem bear market LTC’s defiant performance appears to be headed for a decline that could see it lose the gains it had when it increased its price by more than 33% after Nov. 23.
The cryptocurrency was rejected while testing the $84.45 resistance region as its Relative Strength index (RSI), which now stands at 38.40, has fallen below the neutral 50 level.
The current reading of the above technical indicator coupled with its Chaikin Money Flow (CMF), which was below zero (-0.06) at the time of writing this article, shows that the momentum now belongs to the sellers.
Apart from that, Litecoin appears to be heading for another bearish trajectory and grappling with the possibility of a drop to $70.40.
LTC Total Market Cap at $5.6 Billion on the Daily Chart | Featured Image – The News Wheel chart: TradingView.com
Source: Crypto News Deutsch