Litecoin (LTC) was one of the few glowing spots for the cryptocurrency market, which had to endure the negative effects of the collapse of the FTX exchange platform.
In the midst of one of the worst implosions the space has ever seen, LTC briefly became defenseless, falling all the way to $49.58.
But cryptocurrency did not maintain its positionthough, while Bitcoin and Ethereum fell to various monthly lows and eventually started their own rally to end November on a high.
As a result, Litecoin ended last month’s session at an index price of $76.52 and saw an impressive 24% jump in 30 days.
Altcoin is also doing well in the first days of December. According to tracking z. at the time of writing Coingeckothe digital coin is changing hands at $83.11, up 10.8% in the last seven days.
Litecoin has a robust blockchain, but its holders have not made a profit
In addition to the sustained escalate in transaction prices, LTC is also seeing positive changes in other areas.
For example, according to data shared by CoinWarz, the mining hashrate of this asset has reached its highest level again another all-time recordpeaking at 613.81 TH/s.
Within four months Litecoin blockchain improved from the decline it saw in July, reaching 64%.
Image: Cryptotelegram
Moreover, as of December 3, the DeFi network reached its highest difficulty level since going online, recording a block height of 2,379,925. According to Messari, the average difficulty of the Litecoin blockchain translates to a value of 19.52 million.
Meanwhile, profitability has been a gray area for the altcoin as most of its holders were unable to make profits on their investments in the previous month.
As of November 30, LTC’s 30-day moving average for network realized profit/loss (NPL) was -149,000. Additionally, Litecoin’s market value to realized value (MVRV) ratio was -28% over the same period.
This indicated that despite the cryptocurrency’s price escalate, some of its investors still suffered losses in November.
A price drop may occur for LTC in the next few days
Although LTC managed to block the effects of the cryptocurrency market crash that was triggered by the FTX implosion, there is a possibility that the asset’s price could soon experience a correction.
According to the online cryptocurrency information provider’s forecast Coincodexthis could happen in the next five days when LTC loses almost 8% of its value and changes hands at $76.33.
Moreover, in 30 days, the cryptocurrency is expected to recover somewhat and trade at a price of $80.75, although this value is also lower than its current value.
LTC total market cap at $5.9 billion on the daily chart | Featured image: InsuranceHub, Chart: TradingView.com
