Latest news from IntoTheBlock revealed that the Litecoin (LTC) network has surpassed five million long-term holders. This achievement represents approximately 62.5% of all LTC addresses with a balance, highlighting Litecoin’s wide adoption and long-term viability in the crypto community.
The rising long-term trend signals optimism
The raise in the number of holders of long-term bonds has been particularly noticeable in recent months, highlighting the growing tendency to hold long-term deposits for longer periods of time. In the last days of February alone, the number of long-term bond holders increased by 170,000, which signals high investor confidence in Litecoin’s long-term prospects.
As the number of long-term holders increases, the number of people who have held long-term deposits for more than a year is constantly growing and now stands at 2.54 million addresses. In addition to the numerical growth, another dimension of interest is the profitability of maintaining PPAs in the long term.
An amazing milestone for Litecoin!
💎The network currently has over 5 million long-term owners $LTC.
👉This number represents 62.5% of all Litecoin addresses with a balance. pic.twitter.com/K5FHz3Ivjs— IntoTheBlock (@intotheblock) April 12, 2024
According to on-chain data, approximately 67.67% of all LTC addresses are currently profitable, holding a total of 49.76 million LTC. In contrast, approximately 26.8% of PPA holders, with a total of 2.15 million addresses, are currently incurring losses.
Meanwhile, the smaller segment, accounting for 5.53% of holders, is break-even, meaning it is showing neither a loss nor a profit.
Bullish sentiment around Litecoin amid ETF approval rumors
Yet, Litecoin has seen relatively steady movement, registering a slight raise of 0.3% over the past week, followed by a slight decline of 0.1% over the past 24 hours. At the time of writing, LTC is trading at $96.72.
Despite the altcoin’s current price stability, analysts such as World of Charts provide potential growth in the coming months, with forecasts suggesting an raise to $400. This bullish momentum is being fueled by growing institutional interest, especially around rumors of a potential LTC Exchange-Traded Fund (ETF).
Fox Business reporter Eleanor Terrett hinted at institutional intrigue toward a Litecoin ETF, citing LTC’s functional similarities to Bitcoin as a potential factor in its approval by the U.S. Securities and Exchange Commission (SEC).
🚨SCOOP (fixed ticker) 🙂: I hear rumors at the institutional level about possible interest in a Litecoin ETF. The logic is that because of $LTC functional similarities to $BTC, @SECGov he may be more likely to approve of it, or maybe even more than that $ETH.
Last week,… https://t.co/nsrhE87OLm
— Eleanor Terrett (@EleanorTerrett) March 26, 2024
Additionally, Coinbase Derivatives’ recent launch of Litecoin futures further adds to the hype around the cryptocurrency.
Well-known cryptocurrency analyst Luke Martin shares this opinion: suggestion that the approval of an Ethereum ETF could pave the way for other “old altcoins” such as Litecoin to gain regulatory approval. Martin emphasizes that LTC and Dogecoin may have a stronger case for not being classified as securities, especially compared to Ethereum.
Featured image from Unsplash, chart from TradingView
