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Litecoin (LTC) Skyrockets in This Long-Term Metric: Details

Tue, 08/29/2023 - 14:45
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Tomiwabold Olajide
Litecoin has recently achieved incredible milestones
Litecoin (LTC) Skyrockets in This Long-Term Metric: Details
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On-chain analytics firm IntoTheBlock highlighted positivity for Litecoin in a recent tweet, noting that long-term LTC holders are surging.

IntoTheBlock collects addresses based on how long they have owned a given asset. These addresses are divided as follows: hodlers are addresses that have held the asset for over a year. Cruisers are addresses with holding durations ranging from one to twelve months. Traders are people who have owned the asset for less than a month.

Per the data presented, nearly five million addresses have held LTC for over a year or are hodlers, almost doubling the count from last year's 2.55 million. IntoTheBlock stated that this might indicate a clear sign of confidence from holders despite market conditions.

Litecoin (LTC) Marks Big Milestone of 175 Million Transactions: Details

Long-term Litecoin holders have demonstrated an increase, accounting for 55% of total LTC holders despite a recent billion-dollar shakeout, indicating that traders' longer-term bullish perspective remains intact despite the current market slowdown.

In the absence of favorable catalysts, a viable crypto ecosystem and a general lack of interest in tokens among retail investors, the crypto market is experiencing one of its longest low-volatility periods in recent years.

Litecoin has recently achieved incredible milestones, including 50% growth in usage on crypto payment processor BitPay from spring to summer.

Litecoin (LTC) Payments Surge 50% as Network Reaches New Milestone

The Litecoin network recently crossed 175 million transactions, as previously reported. There is a tendency for growth, as last year, 2022, only saw a total of 39 million in the entire year. More than 46 million transactions have occurred this year alone.

At the time of writing, LTC had fallen 0.70% in the last 24 hours to $64.79. With a market cap of $4.76 billion, Litecoin is the 15th largest cryptocurrency.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.