In a recent tweet, the on-chain analytics company IntoTheBlock highlighted good news for Litecoin and mentioned that long-term LTC holders are increasing.
According to how long a person has owned a certain asset, IntoTheBlock compiles addresses. The following groups these addresses: Hodler addresses are those who have owned the asset for more than a year. Addresses having holding periods of one to twelve months are known as cruisers. Traders are those who have only had the asset for a short period of time.
According to the information provided, 2.55 million addresses have owned LTC for more than a year or are hodlers, virtually double the number from the previous year. According to IntoTheBlock, this can be a certain indication of holders’ confidence despite the status of the market.
Despite a recent billion-dollar shakeout, long-term holders of Litecoin have increased, making up 55% of all LTC holdings. This shows that traders’ longer-term positive view is unaffected by the present market downturn.
The crypto market is going through one of its longest low-volatility periods in recent years due to a lack of favourable catalysts, a robust crypto ecosystem, and a general lack of interest in tokens among retail investors.
Recent achievements for Litecoin include a 50% increase in usage on the cryptocurrency payment processor BitPay from spring to summer.
As was previously reported, the Litecoin network just passed 175 million transactions. There is a trend for increase considering that just 39 million people were there for the entirety of last year, 2022. This year alone, more than 46 million transactions have taken place.
LTC has dropped to $64.79 at the time of writing, or 0.70%, over the previous 24 hours. Litecoin ranks as the fifteenth-largest cryptocurrency with a market valuation of $4.76 billion.
