Litecoin (LTC) Outperforms Top Coins: Address Growth & Whale Support Drive Gains

• Litecoin (LTC) has outperformed many top coins in the last few months, including Bitcoin (BTC) on key metrics.
• The number of Litecoin addresses has grown steadily in the last 12 months despite a rough bear market.
• Investors are more likely to flock towards a coin perceived as undervalued and one that has more potential gains ahead.

The crypto market has been extremely volatile over the past 12 months, with many coins struggling to maintain their value. However, one coin that has managed to outperform the competition is Litecoin (LTC). Over the past few months, Litecoin has seen impressive growth, outpacing Bitcoin (BTC) on key metrics.

This growth has been largely driven by strong address growth. Despite a volatile market, the total number of Litecoin addresses has steadily grown over the past 12 months, reaching 171,530,374 by 24 January. This means roughly 51 million addresses were created during this 12-month period. Comparatively, Bitcoin added a little over 88 million new addresses in the same period.

The impressive growth of Litecoin has been supported by large investors, or “whales”, who have been buying up large amounts of the coin. This has helped to reduce sell pressure and support the coin’s price. As a result, Litecoin has managed to rally by 146% from its 2022 lows to recent levels, while Bitcoin has only managed to rally by roughly 49%.

The strong growth in Litecoin has also been bolstered by its relatively undervalued status. Despite its impressive gains, the coin is still trading under $100, giving investors the opportunity to capitalize on potential gains. This has made Litecoin a popular choice for investors looking for a coin with a higher potential for growth.

Overall, the impressive growth of Litecoin has been driven by strong address growth and support from whales. This has enabled the coin to outperform many of its peers and remain relatively undervalued, making it an attractive option for investors looking for potential gains.

ETH Struggles in Short-Term as FOMC Announcement Looms

1. Ethereum (ETH) recently dropped below its $1,600 mark after Bitcoin (BTC) lost the $23k zone.
2. ETH is currently stuck in the $1,540 – $1,560 range and could fluctuate in this range for the short-term.
3. A move to the $1,700 zone could be possible if BTC moves beyond $23K, especially if the FOMC announcement next week triggers the markets positively.

The cryptocurrency market is always in flux, and Ethereum (ETH) is no exception. Recently, ETH dropped below its $1,600 mark after Bitcoin (BTC) lost the $23k zone. This drop occurred on 24 January, with BTC sharply declining to below $22.5k, pulling down ETH to $1,518. As of press time, ETH is struggling to break above the $1,560 mark, while BTC is hovering below the $22,800 level.

The short-term outlook for ETH is not looking too positive, as BTC’s loss of traction and velocity could force ETH into a short-term range before bulls attempt to target the green zone. On the 12-hour chart, ETH’s Relative Strength Index (RSI) and On-Balance Volume (OBV) are both declining, showing that the altcoin is in a mild bullish momentum and close to a neutral market structure. This could mean that ETH could fluctuate in the $1,540 – $1,560 range in the short term before attempting a retest of the $1,600 zone in the next couple of days/weeks.

However, there is a potential for ETH to move to the $1,700 zone if BTC moves beyond $23K. This could happen if the markets are positively triggered by the FOMC announcement next week. But overall, ETH’s weak fundamentals could delay any immediate price reversal and short-term Ethereum holders‘ profits could be cut to size. Therefore, investors should be watchful of the market movements and tread carefully when making any decisions.