More

    46% Litecoin Addresses Have Been HODLing For Over A Year While LTC Price Tanks

    • LTC price drops over 12% to $63
    • But the number of addresses with a balance in LTC has climbed to its peak at 5.27 million addresses
    • Also, 3.05 million LTC has not been moved for more than 5 years

    The entire crypto market is in deep red, losing $33 billion in these three days. In the past 24 hours, Litecoin has lost 12.4% of its value and is currently trading at $63.13.

    The 7th largest cryptocurrency by market cap of $4.3 billion is still up 60% in 2020 so far, but has fallen to late January levels.

    As the market turns red, large-cap altcoins that have been flying like crazy have yet again turned red against BTC. Litecoin itself has slid down 7% against BTC in the past 24 hours.

    According to trader and analyst Bitcoin Jack, Litecoin has already been giving off some bearish signals lately.

    “LTC vs BTC >Daily close below red = bearish >Liquidity was not raided before this retest >Fading volume >Bearish retest until proven otherwise >Vague rising broadening wedge as top,” he explained.

    Despite over 10% Drop LTC still “Insanely Bullish”

    The cryptocurrency, however, is trading above its key near-term support level which has some traders still bullish on the digital currency and seeing the ongoing correction as a ‘buy the dip' opportunity.

    For the most part, it all depends on Bitcoin. If the leading cryptocurrency takes another hit, altcoins will drop harder. And to prevent a larger move to the downside, trader and investor Josh Rager says BTC price needs to hold above $9,300.

    “Price dropped and bounced near the weekly/daily support around $9,580. Holding above the $9,550s is a good sign on higher time frames and breaking below the $9,300s will still flip bear bias. Lower time frames in down channel but weekly chart still not confirmed trend reversal.”

    Today, Bitcoin's price took another fall and dropped below $9,000 briefly. BTC 3.11

    Litecoin HODlers Holding the Fort

    Interestingly, while the price is in the red zone, the fundamentals of the Litecoin network are faring well.

    According to crypto data provider Intotheblock, the number of addresses with a balance in LTC has climbed to its all-time high (ATH) at 5.27 million addresses.

    Unspent-Tx-Output-Age
    Source: IntoTheBlock

    2018 was a bad one for crypto assets where some lost as much as 95% of their value. Litecoin also lost over 90% of its value and is still down 82% from its peak of $373. In 2019, things started turning up but it has been only in 2020 that altcoins enjoyed a rally.

    During this, however, accumulation has been going steady with HODlers having the faith in the crypto asset as evident from the fact that 3.05 million LTC have been held, not moved for more than 5 years.

    Additionally, 1.94 million addresses, which is 46% of the total LTC holdings address have been HODled for over the past year.

    Litecoin (LTC) Live Price

    1 LTC/USD =$45.9500 change ~ 9.18%

    Coin Market Cap

    $2.96 Billion

    24 Hour Volume

    $362.49 Million

    24 Hour VWAP

    $44

    24 Hour Change

    $4.2160

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.