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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Litecoin LTC LTCUSD

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Litecoin awoke from a month-long slumber to follow the general sentiment in the market. The price of LTC broke above the $200 resistance, only to drop with the crypto market flash crash.

At the time of writing, Litecoin trades at $181 with a 17.31% loss in the daily chart.

Litecoin LTC LTCUSD
LTC is on a downtrend in the daily chart. Source: LTCUSDT Tradingview

The market seems to be reacting to the events triggered by El Salvador making Bitcoin legal tender. Whales could have used the bullish sentiment to push down the prices, triggered liquidations, and entered new positions.

Despite the crash, Analyst Ali Martinez believes Litecoin could reclaim its bullish momentum. Since the beginning of August, the number of unique addresses that joined the network reached a higher high, the analyst said.

As seen below, this metric stood at 220,000 new addresses created on September 6th alone. The Number of New Addresses from Glassnode is useful to measure the number of users with fresh capital coming into LTC and “could be interpreted as a sign of optimism”, Martinez said.

Litecoin LTC LTCUSD
Source: Glassnode via Ali Martinez

In addition, large investors went on a “buying spree” with the number of addresses holding 10,000 to 100,000 adding over 720,000 LTC in the past 30-months. This coincides with the increase in the price of Litecoin, as seen below.

Litecoin LTC LTCUSD
Source: Santiment via Ali Martinez

Further data provided by IntoTheBlock records around 170,000 addresses that bought 3 million Litecoin when the price was at $222. Martinez believes this is the next major resistance, LTC’s price must recover and rise above it to push into previous highs.

Support is bigger than resistance in terms of volume. Still, prices must slice through $222 to advance further.

Litecoin, Solana, Polkadot, Follow The Bearish Trend

Almost no altcoin in the top 20 by market cap has been able to hold its gains. Litecoin is one of the worst-performing in the past day, followed by Internet Computer (ICP) with a 23% loss, Polkadot (DOT) with a 17.3% loss, Cardano (ADA) with a 16.6% loss.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

These altcoins have shown resilience to previous downside trends. Only Solana (SOL) records a 10.7% profit in the daily chart on the back of the growth of its ecosystem.

In the short term, Bitcoin could determine the fate of the entire market. Litecoin displays solid fundamentals for a recovery, but BTC losing key support at $43,000, could potentially trigger another leg down to its previous range around the high levels of $30,000.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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