Litecoin (LTC) Breaks Records: 5 Million Long-Term Holders Signal Major Market Shift

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More recently, IntoTheBlock’s findings indicated that over five million Litecoin (LTC) wallets have been holding the cryptocurrency for extended periods. This figure represents nearly two-thirds of all active LTC addresses, demonstrating Litecoin‘s extensive adoption and enduring appeal within the crypto sphere.

Rising Long-Term Holder Trend Signals Optimism 

Over the past few months, there has been a significant increase in the number of investors holding Litecoin for extended periods. This trend underscores a growing belief among investors that LTC will be a worthwhile investment over an extended timeframe. In just the last days of February, this group of long-term investors grew by approximately 170,000, indicating strong confidence in Litecoin’s future potential.

At the same time as the increase in investors holding onto Litecoin (LTC) for extended periods, there are currently around 2.54 million Litecoin wallets that have held the cryptocurrency for over a year. Beyond the numerical expansion, the financial advantage of keeping LTC for an extended time adds another layer of appeal.

Amazing milestone for Litecoin!
Approximately 62.5% of all Litecoin wallets currently hold more than 5 million units of $LTC.
— IntoTheBlock (@intotheblock) April 12, 2024

Based on cryptocurrency transaction records, around 67.67% of all Litecoin (LTC) wallets presently have more value than when they originally acquired the coins, amounting to approximately 49.76 million LTC in total. Conversely, around 26.8% of LTC holders, equating to about 2.15 million wallets, currently hold coins that are worth less than what they paid for them.

At the same time, approximately 5.53% of the owners neither have incurred any losses nor made any profits.

Bullish Sentiment Surrounds Litecoin Amidst Rumors of ETF Approval

Over the past week, Litecoin has exhibited a steady trend with a minor rise of 0.3%, but then dipped slightly by 0.1% in the last day. At present, you can buy Litecoin for $96.72.

Although the altcoin’s price remains steady at present, some analysts like World of Charts predict a significant increase in the near future, with estimates reaching $400. This optimistic outlook is driven by increasing institutional investment, mainly due to rumors about an upcoming LTC ETF.

Eleanor Terrett of Fox Business has dropped hints about possible behind-the-scenes maneuvering regarding a Litecoin exchange-traded fund (ETF), suggesting that the SEC’s consideration of this fund could be influenced by Litecoin’s close resemblance to Bitcoin.

There are whispers among institutions that they might be considering a Litecoin Exchange-Traded Fund (ETF) with a set ticker symbol. The rationale behind this is that due to Litecoin’s resemblance in functionality to Bitcoin, the Securities and Exchange Commission (SEC) may be more inclined to give it their approval, potentially even more so than Ethereum.

Last week,…

— Eleanor Terrett (@EleanorTerrett) March 26, 2024

Another noteworthy development is Coinbase Derivatives introducing Litecoin futures contracts, fueling excitement in the market for this digital currency.

Luke Martin, a well-known cryptocurrency analyst, shares the belief that the acceptance of an Ethereum ETF (Exchange Traded Fund) could potentially open doors for other older cryptocurrencies such as Litecoin to receive regulatory approval. According to Martin, Litecoin and Dogecoin might have a stronger argument against being labeled as securities in contrast to Ethereum.

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2024-04-12 23:10