Litecoin Surpasses Five Million Long-Term Holders
New on-chain data outlines that Litecoin has achieved a wholeย lotย of milestone, with the number of long-term holders on the network exceeding five Million. These long-term holders, likewise 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 between a subset of Litecoin holders who believe in the long-term profitability of the asset. Having more long-term holders is positive for the digitalย currency, as it implies a reduced possibilityย 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, asย ofย now at around $63. Analysis of investor concentration outlines that when the price reaches levels nextย to their cost basis (the price at which they purchased the coins), there couldย 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 seemsย to have less holder concentration, indicating that a surge towards the $69 mark may face less resistance. Nonetheless, there are notable percentages of holders in the following price ranges, making a further surge challenging.
Hot Take: Growing confidence between Litecoin HODLers is a positive sign for the digitalย currency, suggesting long-term belief in its profitability. Nonetheless, the stagnant price and probable resistance at cost basis levels may hinder wholeย lotย of price surges in the near term.
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