Litecoin registers this milestone despite a huge liquidity plunge
Litecoin (LTC) is celebrating another win despite the ongoing market turmoil. The network’s latest update confirms that it has maintained its transaction consistency on BitPay.
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The Litecoin network had the second highest number of transactions in the last six months, only second to the Bitcoin network.
It maintained this consistency in February during which it controlled 23.71% of all the transactions on BitPay. The analysis reveals that it outperformed Ethereum and the top altcoins.
<p lang=«en» dir=«ltr» xml:lang=«en»>Litecoin transactions on the world's largest cryptocurrency payment processor have grown to make $LTC by far one of the most consistently transacted crypto this month and every month. #Litecoin & @BitPay making it easier to #PaywithLitecoin pic.twitter.com/uCvcQRqSCQ— Litecoin (@litecoin) March 9, 2023
While this is a win for the Litecoin network, it did not prevent LTC from tumbling. The market experienced its most bearish week in 2023, leading to a lot of downsides for most of the top cryptocurrencies.
Litecoin was hit hard by heavy liquidity outflows since the start of March. It has already tanked by 30% in the last 10 days. The selling pressure has particularly intensified this week courtesy of the extensive bearish assault that has played out.
Source: TradingView
Litecoin’s sell pressure was strong enough to push below the 200-day moving average, albeit briefly. It managed to pull back above the same indicator at the time of writing. However, the price remains within the oversold territory.
How many are 1,10,100 Litecoins worth today?
LTC’s price is not the only aspect of the cryptocurrency that has been experiencing a downside. The demand for
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