Litecoin (LTC) Breaks Records: 5 Million Long-Term Holders Signal Major Market Shift
April 12 2024 - 4:00PM
NEWSBTC
Recently, reports from IntoTheBlock revealed that the Litecoin
(LTC) network has exceeded five million long-term holders. This
achievement represents approximately 62.5% of all LTC addresses
with a balance, underscoring Litecoin’s widespread adoption and
long-term viability within the crypto community. Rising Long-Term
Holder Trend Signals Optimism The surge in long-term holders
has been particularly noticeable in recent months, underscoring a
growing inclination towards holding LTC for quite a long time. In
February’s closing days alone, the number of long-term holders
soared by 170,000, signaling robust investor confidence in
Litecoin’s long-term prospects. Related Reading: From $90 To $400
Litecoin: Analysts Bullish On LTC Soaring Trajectory In tandem with
this surge in long-term holders, the number of individuals holding
LTC for more than a year has steadily risen, now totaling 2.54
million addresses. Apart from the numerical growth, the
profitability of holding LTC over the long term adds another
dimension of interest. Amazing milestone for Litecoin! 💎The network
now counts over 5 million long-term holders of $LTC. 👉This figure
represents 62.5% of all Litecoin addresses with a balance.
pic.twitter.com/K5FHz3Ivjs — IntoTheBlock (@intotheblock) April 12,
2024 According to on-chain data, roughly 67.67% of all LTC
addresses currently stand in profit, collectively holding 49.76
million LTC. In contrast, approximately 26.8% of LTC holders,
totaling 2.15 million addresses, are currently at a loss.
Meanwhile, a smaller segment, constituting 5.53% of holders, is
situated at breakeven, which means they are neither in a loss nor a
profit. Bullish Sentiment Surrounds Litecoin Amidst Rumors of ETF
Approval So far, Litecoin has seen relatively stable movement,
experiencing a minor increase of 0.3% over the past week, followed
by a slight downturn of 0.1% in the last 24 hours. As of the
current writing, LTC is trading at $96.72. Despite the altcoin’s
current stability in price, analysts such as World of Charts
anticipate a potential surge in the coming months, with projections
suggesting a climb to $400. This bullish momentum is fuelled by
growing institutional interest, particularly surrounding rumors of
a potential LTC Exchange-Traded Fund (ETF). Fox Business journalist
Eleanor Terrett has hinted at institutional intrigue towards a
Litecoin ETF, citing LTC’s functional similarities to Bitcoin as a
potential factor in its approval by the US Securities and Exchange
Commission (SEC). 🚨SCOOP (with fixed ticker) 🙂: Hearing rumblings
on the institutional level about possible interest in a Litecoin
ETF. The logic is that because of $LTC functional similarities to
$BTC, the @SECGov may be more inclined to approve it, possibly even
more so than $ETH. Last week,… https://t.co/nsrhE87OLm — Eleanor
Terrett (@EleanorTerrett) March 26, 2024 Additionally, Coinbase
Derivatives’ recent launch of futures contracts for Litecoin
further contributes to the buzz surrounding the cryptocurrency.
Related Reading: Litecoin Price Prediction: LTC Rally Could Extend
To $120 Renowned crypto analyst Luke Martin echoes this sentiment,
suggesting that the approval of an Ethereum ETF could pave the way
for other “old altcoins” like Litecoin to gain regulatory approval.
Martin emphasizes that LTC and Dogecoin may have a stronger case
for not being classified as securities, particularly in comparison
to Ethereum. Featured image from Unsplash, Chart from TradingView
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