Gamza Khanzadaev
Litecoin (LTC) breaks main milestone of 5 million long-term holders; does this solidify its significance on the cryptocurrency market?
Litecoin (LTC) has reached a historic milestone, as reported by IntoTheBlock. The community now boasts over 5 million long-term holders, comprising a powerful 62.5% of all LTC addresses with a steadiness. This achievement marks a big second for the cryptocurrency, demonstrating its widespread adoption and long-term viability.
The expansion in long-term holders has been significantly notable in latest months. The quantity surged by 170,000 in simply over every week on the finish of February, signaling a powerful pattern towards holding LTC for prolonged durations. Moreover, the variety of “Crusiers,” who’ve held LTC for 1-12 12 months, stands at 2.54 million addresses and continues to develop steadily.
Past these numbers, the profitability of holding LTC long-term is an intriguing facet. On-chain information reveals {that a} substantial 67.67% of all LTC addresses are at the moment in revenue. These addresses, totaling 5.43 million, maintain a mixed steadiness of 49.76 million LTC.
Conversely, 26.8% of LTC holders discover themselves at a loss, comprising 2.15 million addresses with a mixed steadiness of 20.6 million LTC. A smaller fraction, accounting for five.53% of holders, are hovering round a breakeven level.
The rise of Litecoin traces again to its inception in 2011 by Charlie Lee, a former Google engineer. Lee created LTC as a “lite” model of Bitcoin, aiming to enhance upon a few of Bitcoin’s perceived limitations, resembling transaction velocity and scalability. With its sooner block technology time and a special hashing algorithm (Scrypt), Litecoin rapidly gained traction as a viable various to Bitcoin.
