Highlights:
- Litecoin’s short-term holders are increasing their token holdings amid the current crypto market rally.
- IntoTheBlock reported that short-term LTC owners spiked their coin stores by about 31% in the past thirty days.
- Profitable LTC holders remain below 50% despite the token’s remarkable price appreciations.
With each passing day, the crypto market continues to attain new heights in market valuation. Consequently, every crypto asset, including Litecoin (LTC), has taken holders on a wild run characterized by profits. Amid the impressive showings, Litecoin’s short-term holders have shown resilience with increasing token accumulations.
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In one of its most recent tweets, analytical intelligence firm IntoTheBlock spotted the latest trend among Litecoin’s short-term holders. According to the analytical intelligence platform, LTC short-term investors increased their LTC stores by about 31% over the past month. In its exact wording, part of IntoTheBlock’s post read thus: “The balance held by short-term LTC holders is moving up, increasing by 31% in the last month.”
In addition, the data analytical outlet characterized the new trend, qualifying it as a relatively frequent event. Meanwhile, for more specificity, IntoTheBlock mentioned that such procurements are more intensified around price bottoms or before significant price spikes.
With the above submission, it becomes apparent that LTC is trading at its price bottom. Or the token is probably gearing up for a massive surge soon. It is left to see how events unfold, specifically how high LTC will fly amid the current crypto market rally.
The balance held by short-term $LTC holders is moving up, increasing by 31% in the last month.
These spikes happen relatively frequently, usually occurring around bottoms or before major spikes in price. pic.twitter.com/yNeNDkpb9U
— IntoTheBlock (@intotheblock) November 12, 2024
LTC Dropped Slightly Despite the Generalized Market Rally
At the time of press, the crypto market is up by about 2.4%, with a $3.028 trillion valuation. Similarly, Bitcoin (BTC) is changing hands at roughly $85,960, reflecting a 5.1% upswing in the past 24 hours.
Within the same timeframe, BTC saw minimum and maximum price levels, ranging between $81,627.11 and $89,864.13, respectively. The latter price became BTC’s peak value, which it attained today after establishing and breaking above previous all-time highs (ATHs).
Unlike Bitcoin, Litecoin is down by approximately 1.2% in the past 24 hours, with about $75.33 in selling price. While its short-term interval declines reflected declines, its other extended period data registered upswings. For context, its 7-day-to-date and month-to-date data displayed upswings of roughly 15.1% and 15.3%, respectively.
Meanwhile, on CoinGecko, LTC ranks as the twenty-sixth most valuable cryptocurrency, with about $5.66 billion in market capitalization. Its 24-hour trading volume is up by about 126.80%, with a $1.80 billion valuation. The heightened trading volume signifies a busy LTC network amid the token’s slight correction.
Profitable Litecoin Holders Remain Below 50% Despite Price Surge
In other relevant market statistics, IntoTheBlock revealed on its official website that only a handful of LTC holders are profitable. According to the data, 42% of the token holders are profitable, 4% are neither gaining nor losing, and 54% are losing.
Meanwhile, LTC’s concentration by large holders reflected 48%, which invariably implies that whales and retailers are almost equal in proportion. In holders’ composition by time held, 77% are long-term owners (over one year). 17% are intermediate holders (between one month and one year), while 6% are short-term owners (less than a month).
In transactions greater than $100K, IntoTheBlock noted that in the past seven days, such transfers skyrocketed, amounting to about $30.29 billion. Meanwhile, total exchange netflows for the past week displayed a positive $791.28K value. The reflected positive value implies that more LTCs returned to exchanges than those exiting.
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