Crypto news within the blockchain industry: what is the performance of Litecoin (LTC) and Ethereum Classic (ETC)?
Here is a look at prices, market sentiment and more.
Analysis of the crypto assets Litecoin (LTC) and Ethereum Classic (ETC)
Recall that Litecoin (LTC) is a peer-to-peer cryptocurrency and an open source software project released under an MIT/X11 license. On the other hand, Ethereum Classic (ETC) is a blockchain-based distributed computing platform that offers smart contract capabilities.
Specifically, it is open source and supports a modified version of the Nakamoto consensus via transaction-based state transitions executed on a public Ethereum virtual machine.
The rally for the crypto LTC after the Litecoin Ordinals Protocol
Two weeks after the arrival of the Litecoin Ordinals Protocol, a concept similar to Bitcoin’s Ordinals Protocol, which allows people to mint NFTs on the underlying blockchain, there comes the rally in the price of the Litecoin (LTC) crypto.
Specifically, we see that on 2 May the Litecoin community introduced a forked version of the BRC-20 standard called “LTC-20.”
As a result, anyone can now inscribe an NFT, an LTC-20 standard token, into the Litecoin blockchain using its native Ordinals protocol.
The activity of the Litecoin network has increased since the introduction of the LTC-20 standard with the total number of daily on-chain transactions reaching a record high of more than 576,700 on 9 May, according to BitInfoCharts.com.
However, on 14 May, transactions had dropped to 511,290, although they were still higher than historical standards. Moreover, according to Santiment‘s data, the total number of active addresses on the Litecoin network has increased significantly since the introduction of the LTC-20 token standard.
In conclusion, we see that increased network activity underscores the growing demand for LTC, which may have influenced the recent price increases of Litecoin.
Not only that, the euphoria surrounding the upcoming halving of Litecoin in August has also bolstered the bullish outlook for LTC.
Ethereum Classic (ETC) price near demand zone
Based on the latest data, we see that the price outlook for the crypto Ethereum Classic (ETC) favors the bulls, and an upward move is possible in the coming months as long as it stays above the $15.00 support.
The price of ETC seems to be consolidating in the narrow range between $18.00 and $25.00 and is likely to break on both sides.
However, it has repeatedly encountered resistance near the 200-day EMA, showing the downward trend.
In any case, fortunately the price has not collapsed and is still holding above the $18.00 support. The volume of the ETC cryptocurrency is decreasing, showing that fewer participants are active and expect the price to consolidate more.
Not only that, we also see the structure of ETC’s chart with the Bitcoin pair that is in a strong downward trend and continues to slide touching new lows. The correlation of the ETC price with the BTC pair is 0.75 and the USDT pair is 0.07.
In early March, Ethereum Classic recorded profits from the higher end and began to decline, eroding previous gains and reaching annual price lows.
However, in mid-March the general market sentiment improved and the fall stopped near $16.00. Finally, the price of Ethereum Classic recovered from support and created hope for a bullish reversal.
The ETC’s slow and steady price reached $22.00 again, but unfortunately failed to maintain the higher levels. Consequently, as long as the ETC price does not exceed $18.00, the possibility of a rebound remains in favor of the bulls.
However, if the situation worsens and prices fall below $18.00, then bears could try to test the yearly lows. Technical analysis suggests that the ETC price is close to the demand zone and is consolidating to form a bottom.