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 -0.98

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 =$41.4046 change ~ -1.34%

Coin Market Cap

$2.69 Billion

24 Hour Volume

$143.55 Million

24 Hour VWAP

$42

24 Hour Change

$-0.5532

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 two years now. Before her blockchain beginnings, she 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

3,472FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains...

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar Report

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion...

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

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.

Start Using Crypto Today