With more than five million long-term holders, the network now accounts for an astounding 62.5% of all LTC addresses with a balance. This accomplishment proves the cryptocurrency’s long-term sustainability and broad acceptance, making it a momentous occasion.
Among recent months, there has been a particularly noticeable increase among long-term holders. At the end of February, the figure increased by 170,000 in less than a week, indicating a significant trend toward long-term LTC holding. Furthermore, there are 2.54 million addresses in the database of “Crusiers,” or people who have held LTC for one to twelve months, and this figure is still rising.
Beyond these figures, an interesting feature of long-term LTC holding is its profitability. A significant 67.67% of all LTC addresses are currently profitable, according to on-chain data. The cumulative balance of these 5.43 million addresses is 49.76 million LTC.
On the other hand, 2.15 million addresses with a total balance of 20.6 million LTC represent 26.8% of LTC holders who are losing money. Just 5.53 percent of holders, or a smaller portion, are close to breaking even.
Charlie Lee, a former Google engineer, founded Litecoin in 2011, which is where its rise originates. In order to overcome some of the perceived drawbacks of Bitcoin, including transaction speed and scalability, Lee developed LTC as a “lite” version of the cryptocurrency. Litecoin gained popularity as a strong rival to Bitcoin due to its quicker block generation time and unique hashing algorithm (Scrypt).
April 2024, Cryptoniteuae
