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.
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.
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.