- IntoTheBlock’s recent analysis shows that the number of long-term Litecoin (LTC) holders has nearly doubled within a year, a strong sign of confidence in the asset.
- Despite a lackluster market, Litecoin has marked impressive milestones, including a 50% growth in usage on crypto payment processor BitPay and over 175 million transactions on its network.
The cryptocurrency world is no stranger to volatility, but even in a market marked by inertia, Litecoin (LTC) continues to gain steadfast confidence among its long-term holders. Recent data insights from blockchain analytics firm IntoTheBlock paint a compelling picture for Litecoin’s sustained trust among its investor base.
Defining the Categories of Crypto Holders
IntoTheBlock classifies addresses based on the duration of asset ownership. There are three primary categories:
- Hodlers: Addresses that have held the asset for more than one year.
- Cruisers: Addresses that have held the asset between one to twelve months.
- Traders: Addresses that have held the asset for less than a month.
According to the firm’s metrics, nearly five million addresses fall under the ‘hodlers’ category for Litecoin. This is a dramatic increase from last year’s count of 2.55 million, almost doubling the number. This surge is noteworthy for two reasons: it suggests a deep-seated confidence in Litecoin, and it does so in a climate devoid of favorable market catalysts.
Resilience Amid Market Uncertainties
Long-term holders now make up 55% of the total Litecoin addresses, a phenomenon that has unfolded despite recent market instabilities, including a billion-dollar shakeout. This resilience elucidates that the bullish sentiment among long-term investors remains unshaken, even amidst one of the most prolonged low-volatility periods in the cryptocurrency market’s recent history.
Not Just Holding, But Using
Beyond mere holding, Litecoin is also demonstrating its utility. The network has experienced an impressive 50% growth in usage via crypto payment processor BitPay from spring to summer. Additionally, the Litecoin network recently reached a landmark of 175 million transactions. This stands in stark contrast to the 39 million transactions clocked in 2022, with over 46 million transactions already registered this year alone.
Litecoin’s Market Position
At the time of writing, Litecoin’s value stands at $64.79, with a slight dip of 0.70% in the last 24 hours. However, it sustains a robust market capitalization of $4.76 billion, making it the 15th largest cryptocurrency.
It is a unique dichotomy: a cryptocurrency showing evident signs of both adoption and investor confidence while navigating through a sluggish market. The data doesn’t lie; Litecoin’s long-term holders seem unswayed by short-term market vacillations.