Litecoin Network Growth Surges with Over 5 Million Long-term Holders

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In recent happenings, news from IntoTheBlock revealed a marked achievement for Litecoin (LTC). The digital asset network has grown and now boasts over five million long-term holders. This accomplishment encapsulates approximately 62.5% of all LTC addresses that harbor a balance, emphasizing Litecoin’s increasing acceptance and viability in the long-run across the cryptocurrency community.

The upward trend of long-term holders has been unmistakably apparent within the last couple of months, emphasizing the growing propensity of investors towards holding LTC for longer durations. As February rounded off, a massive increase of long-term holders was registered – a whopping 170,000, exhibiting a pronounced investor confidence and positive outlook in LTC’s long-term efficacy.

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The bullish momentum doesn’t stop there; the number of individuals holding LTC for more than a year has been consistently on the rise, reaching a remarkable figure of 2.54 million addresses. The impressive numerical uptick is just one part of the story – there is a profitable dimension that adds further appeal to holding LTC in the long run.

A treasure trove of on-chain data brings to light that almost 67.67% of all LTC addresses are nicely tucked in the profit zone, collectively cradling a significant figure of 49.76 million LTC. On the flip side, just about 26.8% of LTC holders, totaling around 2.15 million addresses, are in a deficit. A smaller segment, representing 5.53% of holders, stands at a breakeven point, neither making profits nor losses.

Surrounding the Litecoin cohort, there is a whiff of bullish sentiment, amplified by rumors of prospective ETF approval. As of now, Litecoin has witnessed a rather steady ebb and flow, augmented by a minor increase of 0.3% the past week and a slight downturn of 0.1% in the last 24 hours. At the time of writing, LTC trades at $96.72.

Despite Litecoin’s seemingly stable price at present, star analysts such as World of Charts entice crypto enthusiasts with a potential surge in the upcoming months, with market projections arguing a climb up to $400. Feeding this bullish momentum is the escalating institutional interest, specifically fired up by whispers of an anticipated LTC Exchange-Traded Fund (ETF).

Fox Business journalist Eleanor Terrett has subtly pointed at institutional curiosity around a Litecoin ETF, leaning on LTC’s functional resemblance to Bitcoin as a possible driving factor for approval by the US Securities and Exchange Commission (SEC).

Adding to the growing intrigue, the recent launch of futures contracts for Litecoin by Coinbase Derivatives lends to the increasing buzz around the cryptocurrency. Esteemed crypto analyst Luke Martin shares this positive outlook, suggesting that the greenlit of an Ethereum ETF could open doors for other “veteran altcoins” like Litecoin to receive regulatory approval. He underlines that LTC and Dogecoin might present a stronger argument against being labelled as securities when held up against Ethereum.

Bear in mind, this article serves educational purposes and does not reflect NewsBTC’s stance on whether to buy, sell, or hold any investments. According to standard practice, it is urged to conduct your own diligent research before making any investment decisions. The information provided on this platform is to be used solely at your discretion and risk.