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Over 60% of Litecoin Holders Are in Profit

Over 60% of Litecoin Holders Are in Profit

HappyCoinNewsHappyCoinNews2024/11/19 08:22
By:HappyCoinNews

According to the analytics company IntoTheBlock, more than 60% of holders Litecoin (LTC) is currently in profit. That's the highest since April 2024, when it surged to 75% after the Commodity Futures Trading Commission declared LTC a commodity.

Recent rate growth Litecoin began after a humorous announcement by the asset's developers that kriptovalyuta received the status of a memecoin. A simple post with the inscription “Now I am a memecoin” led to the LTC rate rising by more than 15%, exceeding the $85 mark. The trading volume of the asset also increased by more than 33%, reaching $950 million.

However, the LTC rate is still 77% below its 2021 record high of $412.

Over 60% of Litecoin Holders Are in Profit image 0

LTC rate per week

According to analysts at IntoTheBlock, Litecoin there is potential to reach new highs. Especially since short-term holders of the asset are now demonstrating increased demand for Altcoyin . LTC balances on their crypto wallets increased by 31%. Usually, such interest precedes a jump in the asset’s price.

Another factor that influenced investor sentiment was the interest in LTC from miners - since the beginning of 2024 hashrate Litecoin rose by about 30% to 1,35 P/s. And lastly, in October, asset manager Canary Capital filed for the first spot LTC- ETF , which also became a reason for optimism among asset holders.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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