LTC Holders Remain Bullish: Long-Term Sentiment Among Litecoin Investors
Litecoin’s price performance in February has shown positive signs, with a 6.4% increase since the beginning of the month. This upward movement has given Litecoin holders something to be optimistic about. Despite the constantly shifting dynamics of the cryptocurrency market, recent on-chain data reveals that Litecoin investors have a strong long-term sentiment.
Litecoin Investors Are In It For The Long Haul
Compared to other cryptocurrencies, activity surrounding Litecoin may seem relatively quiet. However, the holding mentality among Litecoin investors remains steadfast. In fact, more than 20% of Litecoin addresses have held their cryptocurrencies for over five years. This demonstrates the strong commitment of LTC holders in weathering market fluctuations.
The average holding time for Litecoin investors is 2.4 years, which is comparable to Bitcoin’s holding mentality.
“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”
– IntoTheBlock (@intotheblock)
The crypto industry has a history of rewarding patient investors who hold onto their digital assets for an extended period. Those who held onto their LTC holdings for five years and decided to sell them today would record a profit of nearly 80%. Although this return may be smaller compared to top digital assets like Bitcoin and Ethereum, it still demonstrates the profit potential of Litecoin despite market-wide declines.
LTC’s average holding time for transacted coins is one month, while the general average LTC holding time is 2.4 years. This places Litecoin ahead of other large market-cap cryptocurrencies such as Ethereum and Dogecoin, and second only to Bitcoin in terms of long-term investment mentality.
Current State Of Litecoin
Since its launch in 2011 as the “silver to Bitcoin’s gold” with a maximum supply of 84 million LTC, Litecoin has undergone significant changes. However, recent market dynamics and the rise of other cryptocurrencies with widespread adoption and utility have caused Litecoin to fall in market cap rankings over the years.
Currently, Litecoin is ranked 21st in terms of market cap, trailing behind meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as layer-2 tokens like Polygon (MATIC) and Chainlink (LINK).
As of now, Litecoin is trading at $69.90, showing a 6.39% increase in the past 30 days. Despite trading below $80 for the past six months, LTC holders remain unwavering in their commitment to the cryptocurrency. While short-term traders may come and go, it is the dedicated investors with their long-term vision who believe that Litecoin still has room for growth.
Featured image from Pixabay, chart from TradingView
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