Litecoin Whales' Buying Spree: Will It Impact LTC's Future?
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Litecoin (LTC) Hits Historic Milestone, Surpassing Five Million Long-Term Holders
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Litecoin (LTC) achieves a significant milestone, surpassing five million long-term holders, accounting for 62.5% of all LTC addresses with balances. This milestone underscores LTC's widespread adoption and long-term viability in the cryptocurrency market.
The number of long-term holders has seen remarkable growth, with a surge of 170,000 new holders in just over a week at the end of February. Additionally, the number of "Crusiers," holding LTC for 1-12 months, has reached 2.54 million addresses and continues to rise steadily.
On-chain data reveals that 67.67% of all LTC addresses are currently profitable, totaling 5.43 million addresses with a combined balance of 49.76 million LTC. Conversely, 26.8% of LTC holders are at a loss, comprising 2.15 million addresses holding 20.6 million LTC. A smaller fraction, 5.53% of holders, hover around the breakeven point.
Source: IntoTheBlock
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Litecoin was created in 2011 by Charlie Lee, a former Google engineer, as a "lite" version of Bitcoin. Lee aimed to address some of Bitcoin's perceived limitations, such as transaction speed and scalability, by implementing faster block generation times and a different hashing algorithm (Scrypt). These features propelled Litecoin's adoption as a viable alternative to Bitcoin.
Litecoin's achievement of five million long-term holders reflects its enduring appeal and widespread acceptance in the cryptocurrency community. However, challenges such as market volatility and competition from other cryptocurrencies may impact its long-term growth trajectory.
Although Litecoin has broken the important milestone of 5 million long-term holders, the market has been on a downward trend today until the trading price at the time of writing this article is $96.54.
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