5 Million Long-Term Holders Signal Major Market Shift

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.

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…