LiteCoin price weekly analysis: LiteCoin had a rough week
LiteCoin's fundamentals are showing some signs of strain.
Litecoin (LTC) has not been immune from the broader market’s troubles this week. LTC started out posting a solid US$297.57 before falling hard to US$224.50 by midweek. LTC has since regained the middle ground and has settled more comfortably at US$263.81, representing an 11.34% reduction in value since midweek readjustments. (All pricing data is from CoinMarketCap.)
LTC market cap performed in line with price differentials, shedding roughly 11% from the week's beginning which stood at US$16.2 billion. Following that, LTC’s market cap fell by a large margin to US$12.2 billion before regaining the middle ground to hold a US$14.4 billion market capitalisation against all other cryptocurrencies.
Trade volume has shown some surprising data this week, with unusually high volumes of US$2.24 billion worth of trades being made in the LiteCoin cryptocurrency. Usually around periods of volatility, much like LTC experienced in midweek trading, there is also a large fluctuation of trade volumes that accompanies price swings.
For LTC during the midweek volatility there was no such large increase in trading volumes. Trading volume by midweek and up to the time of writing has remained subdued at about an average 24-hour trading volume of US$1 billion.
Even stranger, the average price of transaction fees reduced over midweek trading and even after trading volumes in LTC had settled, fees then began to increase. That increase has been from an average transaction fee of US$0.26 rising to US$0.35.
As at the time of writing, there are 267,000 active LTC wallet addresses. Compare this to the market leader of active wallet addresses, Ethereum, which has 886,000 active wallet addresses. LTC holders will want to see that metric improve for the coin to stay competitive.