Litecoin’s Long-Term Holders Surge to 5 Million: Catalyst for a Price Rally to $100?

According to on-chain data, Litecoin has achieved a significant milestone by surpassing five million Holders on its network. Data from the market intelligence platform IntoTheBlock reveals that LTC has reached a new record for long-term holders (LTHs). The firm defines these long-term holders as investors who have retained their coins for at least one year. This contrasts with the criteria used by some other analytics platforms, typically spanning around five to six months.

Litecoin reached a major milestone this week. The number of long-term $LTC holders has just hit 5 million — signaling growing confidence in the asset.
🔗 pic.twitter.com/5uH0eVMpYb

— IntoTheBlock (@intotheblock) September 7, 2023

The accompanying chart illustrates how the number of addresses held by these long-term HODLers has evolved over the past few years.

As depicted in the graph above, there has been a significant surge in Litecoin HodLers during this period. Particularly noteworthy is the exponential growth observed since the beginning of the previous year. As a result of this rapid increase, the count of addresses holding coins for at least one year has now surpassed the five million mark, setting a new record for this cryptocurrency

Interestingly, even though the cryptocurrency’s price performance has mostly been lackluster during this time, there has been a growing sense of confidence among a specific group of holders who believe in its long-term investment potential.

Buy Litecoin (LTC) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<This represents a positive development for the cryptocurrency, as the increasing number of long-term holders implies that more supply is being held securely in their wallets, reducing the likelihood of selling in the market.

LTC Price Stagnation

A persistent struggle has characterized the recent performance of LTC’s price. Since Litecoin experienced a decline in mid-August, its price has remained relatively stagnant. The cryptocurrency is trading at $60 at the time of this writing. While the increasing number of Litecoin HODLers during this period since July is a positive indicator for the asset, its significance in the short term may be limited.

The future direction of LTC’s price depends on several factors: the on-chain resistance and support levels. IntoTheBlock has provided data on the concentration of investors at ious cost-basis price ranges for LTC

The term “cost basis” here refers to the price at which investors originally acquired their coins. In the provided data, each dot within a specific price range, such as $64.9 to $69.29, represents the percentage of Litecoin investors who purchased their coins within that range.

Typically, when the price approaches levels that align with a high concentration of investors’ cost basis, there is a possibility of encountering resistance. This is because these investors, previously in a loss position, may find themselves in a profitable situation with the price increase, leading them to consider selling and exiting the market.

Looking ahead to the next price range, it appears to have a lower concentration of holders, suggesting that Litecoin might face less resistance if there is a surge towards the $69 mark. However, there are notable percentages of holders in the subsequent price ranges, which could make further upward movement challenging.

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