Litecoin Surpasses Five Million Long-Term Holders
New on-chain data reveals that Litecoin has achieved a significant milestone, with the number of long-term holders on the network exceeding five million. These long-term holders, also known as HODLers, are defined as investors who have held onto their coins for at least one year. This record-breaking figure indicates a growing confidence among a subset of Litecoin holders who believe in the long-term profitability of the asset. Having more long-term holders is positive for the cryptocurrency, as it implies a reduced likelihood of selling in the market.
LTC Price Stagnates Amid Resistance
Following a sharp decline in mid-August, the price of Litecoin has been trading sideways, currently at around $63. Analysis of investor concentration reveals that when the price reaches levels close to their cost basis (the price at which they bought the coins), there may be resistance to further price increases. This is because investors who were previously in losses might be tempted to sell and exit the market. The upcoming price range for Litecoin appears to have less holder concentration, indicating that a surge towards the $69 mark may face less resistance. However, there are notable percentages of holders in the following price ranges, making a further surge challenging.
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