Ever since its highly anticipated halving event earlier this past summer, Litecoin has been facing a significant amount of downwards pressure that has led it to retrace over 50% from its 2019 highs.
This lackluster price action has shown few signs of slowing down anytime soon, but one analyst is still noting that there are multiple reasons to be bullish on LTC presently.
Litecoin Drops Below $70 as Markets Turn Bearish
At the time of writing, Litecoin is trading down over 2% at its current price of $69.5, which marksa notable retrace from its weekly highs of $73.
In 2019, LTC peaked in late-June when the entire crypto market was nearing the peak of its parabolic run, which sent the crypto to highs of over $140. In the time since, however, Litecoin has retraced over 50% from these highs, signaling that its highly anticipated halving had little impact on its price.
Mati Greenspan, the senior market analyst at eToro, explained in a recent email that he is still bullish on LTC despite its recent lackluster price performance, explaining that he is drawn to the crypto due to its high level of usage and massive community, which he believes will help bolster its long-term price action.
“If we’re thinking long term and past this specific event, I’m staying in. What draws me here is the level of usage and the community around this coin. The number of transactions on the blockchain remains extremely consistent at around 25,000 per day. This has not been affected by the halving whatsoever,” Greenspan explained.
Furthermore, Greenspan also explained that the widespread and decentralized nature of nodes that are running Litecoin also bolsters its long-term bullish case.
“As well, the number of nodes is spread well across the globe. Right now there are more than 1,700 computers running LTC nodes, which is actually quite comparable to the ~10,000 bitcoin full nodes operating at the moment,” he added.
It is important to note that there has been growing controversy surrounding Litecoin in recent times regarding its development, but the claims that were widely perpetuated on Twitter were largely unfounded and have since been dispelled.