by - Analyst says Litecoin could face market annihilation, along with two other cryptocurrencies
- LTC traders opted for even-handedness as investor sentiment remained negative
CNBC Investing Club Leader Jim Cramer Ranked Litecoin [LTC] as one of the cryptocurrencies that may not see the light of day in the coming years. Appearing during an interview with CNBC’s Squawk Box, Cramer also added Ripple [XRP] and Dogecoin [XRP] to the list that could face eradication.
“I think you should be negative about #crypto. I am negative about $XRP, $SLDand $DOGE because I haven’t found anyone who takes them,” says @jimcramer. “It’s like $80 billion worth of non-Bitcoin that’s destined to be wiped out.” pic.twitter.com/lrFbjtT0Wn
— Squawk Box (@SquawkCNBC) December 16, 2022
Reading Litecoins [LTC] Price Prediction 2023-24
Speaking to the show’s host, Becky Quick, the ‘bull market researcher’ said her negativity stemmed from investors’ disregard for assets. Cramer’s judgment may seem surprising, however, especially since LTC increased value 9.38% in the last 30 days.
Moreover several developments tracked Litecoin’s performance between random social spikes. Nevertheless, it also might not come as a shock since investors had constantly criticized other cryptocurrencies apart from Bitcoin [BTC] and Ethereum [ETH].
Traders prefer not to take sides
Unaware of the situation, Litecoin traders remained in a neutral position. According to data from the channel, the discovery rate of Litecoin on the Binance exchange was 0% as of December 17. Since it was neither positive nor negative, it did not imply any dominance between short and long positions.
Source: Santiment
In the case of its open interest, Litecoin traders appeared to have changed stance. As of December 17, 24-hour interest was mostly in decline. Data from Coinglass showed a decrease in attention to LTC on several exchanges. Therefore, Cramer’s opinion that no one was interested in the play seemed to have some justification.
Upon further assessment of traders’ activity with LTC, the Derivatives Information Portal revealed that long-short ratio was 0.95. The indicator illustrates the amount of Litecoin available for short selling versus literally sold. Also, it serves as a measure for the projected expectations of investors.
At the time of this writing, LTC short was 51.32% while long was 48.68%. Since it turned out to be a low ratio, it indicated negative investor expectations.
Source: Coinglass
Now is the season to endure
Indications of the 30-day market value to realized value (MVRV) ratio have reflected massive declines in earnings for holders since November 23. Based on Santiment data, the MVRV ratio dropped to -13.44%. This status implied that Litecoin was in a bubble territory where he did not show certainty that the value of the coin was right or not.
Through its development activity, Litecoin has remained installed in its stable state since November 25th. At the time of writing on December 17, development activity was 0.05.
Therefore, Litecoin had not added any notable upgrades to its network. Nevertheless, the current market could be a bad season to conclude whether Litecoin will be wiped out or not.
Source: Santiment
