- Analysts stated that Litecoin, along with two other cryptocurrencies, could face a wipeout from the market
- LTC traders opted for unbias as investor sentiment remained negative
CNBC Investing Club leader Jim Cramer, categorized Litecoin [LTC] as one of the cryptocurrencies that may not appear another day in the coming years. Appearing during an interview with CNBC’s Squawk Box, Cramer also added Ripple [XRP] and Dogecoin [XRP] on the list that could be affected by extermination.
“I think you have to be negative #crypto. I’m negative about it $XRP, $LTCand $DOGE because I haven’t been able to find anyone to take them,” says @jimcramer. “It is about $80 billion in non-Bitcoin that is destined to be wiped out.” pic.twitter.com/lrFbjtT0Wn
— Squawk Box (@SquawkCNBC) December 16, 2022
Read Litecoins [LTC] Price Forecast 2023-24
Speaking to “bull market seeker” host Becky Quick, he believed his negativity stemmed from investor disdain for the assets. Cramer’s verdict may sound surprising, especially like LTC’s value increased 9.38% in the last 30 days.
By the way, several developments tracked Litecoin’s performance between random social spikes. However, it shouldn’t come as a shock either, as the investors have been a constant critic of cryptocurrencies other than Bitcoin [BTC] and Ethereum [ETH].
Traders prefer not to choose sides
Regardless of the situation, Litecoin traders remained in one neutral position. According to on-chain data, the Litecoin find rate on the Binance exchange was 0% on December 17. Since it was neither positive nor negative, it did not imply dominance between short and long traders.
In the event of public interest, Litecoin traders seemed to have changed their stance. The 24-hour interest has expired on 17 December mainly in disrepair. Coinglass data showed diminished attention to LTC on several exchanges. Therefore, Cramer’s view that no one aroused interest in the coin seemed to have some elements of justification.
Upon further evaluation of traders’ activities with LTC, the derivatives information portal revealed that longs-shorts ratio was 0.95. The indicator illustrates the amount of Litecoin available for short selling compared to the literally sold Litecoin. In addition, it serves as a benchmark for investors’ expected expectations.
At the time of writing, LTC’s short sell was 51.32%, while its long buy was 48.68%. As it turned out to be a low ratio, it indicated negative investor expectations.
This is the season to endure
Indications of the 30-day market value to realized value (MVRV) ratio have reflected huge profit drops for holders since Nov. 23. Based on Santiment data, the MVRV ratio fell to -13.44%. This status implied that Litecoin in a bubble area where it showed no certainty whether the value of the coin was fair or not.
According to its development activity, Litecoin remained established in its flatline state since November 25. At the time of writing on December 17, development activity was 0.05.
Therefore, Litecoin had not added significant upgrades to its network. Nevertheless, the current market could be a bad season to close if Litecoin were wiped out or not.