- February shows a modest but encouraging rise for Litecoin, up 6.4%, injecting optimism among investors.
- Litecoin investors demonstrate a long-term investment strategy, holding their assets for an average of 2.4 years.
According to data from blockchain analytics platform IntoTheBlock, Litecoin market participants demonstrate one of the longest holding durations among cryptocurrencies.
On average, Litecoin users hold their investments for about 2.4 years, demonstrating a dedication to the asset comparable to that observed among Bitcoin enthusiasts.
Despite Litecoin not grabbing as many headlines as other cryptocurrencies, the trend of retaining investments is ongoing. Infact, a greater than 20% of all Litecoin addresses have held their coins for more than five years, evidencing a long-term commitment to the currency.
Litecoin and Investor Confidence
February has been a month of mild but encouraging gains for Litecoin, with a 6.4% increase injecting optimism into its investors. A chain analysis reveals an impressive dedication to this currency, highlighting a long-term investment strategy in its community.
Ever wondered about the commitment of Litecoin holders? Here's a snapshot of their holding patterns👇
➖The average holding time is 2.4 years
➖More than 20% of Litecoin addresses have held their $LTC for more than 5 years
➖The average holding time of transacted coins is 1 month pic.twitter.com/lnbxWsYNGw— IntoTheBlock (@intotheblock) February 23, 2024
With an average holding period of 2.4 years, Litecoin investors demonstrate a patience that is historically rewarded in the cryptocurrency market.
Despitebeing overshadowed by other digital assets, Litecoin’s ability to sustain itself and generate potential gains, with an 80% return for those who have held for at least five years, is remarkable.
This loyalty remains steadfast despite the evolving crypto landscape since its inception in 2011.
Litecoin Top Holders
Charlie Lee, the creator of Litecoin, announced in 2017 that he had sold or donated all of his LTC, keeping only a few physical coins as collectibles. The largest LTC holder holds more than 3.39 million LTC, representing 2.64% of all coins.
Binance’s LTC wallet is the largest exchange wallet and the fifth largest Litecoin whale holding 745,000 LTC.
Litecoin Performance Versus Expectations
Litecoin, which ranks 20th in terms of market capitalization and shares characteristics with Bitcoin, has performed disappointingly for nearly 7 months, while Bitcoin’s price has doubled.
Litecoin is currently trading at $71.83 USD, experiencing a 2.38% increase today. Over the past week, the price has moved 1.40% and over the past month has seen a 7.12% increase . However, over a longer horizon, LTC is down -22.92% over the last year, although it is up 60.84% over the last five years, with a historical increase of 1840.54%.
Litecoin could reach much higher prices
Another prediction points to a $90 price for Litecoin in the near term, based on a bullish flag and a flat correction around $68 and $60, followed by upside momentum to $75.
However, not all analyses are optimistic. Some suggest the possibility of an imminent drop to $30 or even below $10, arguing that many alternative tokens have returned to their 2017 lows with corrections of 95% to 98% since 2021.
