Litecoin Surges Over 21%, Boosting Profitable Holders to 80%

Litecoin (LTC) has experienced a price increase of over 21% within 24 hours, accompanied by a significant spike in trading volume. Blockchain analytics platform IntoTheBlock reported that the rally has notably expanded the number of LTC holders in profit.

With Litecoin’s current breakout, nearly 80% of holders are now in profit.

This is the highest level since November 2021 when $LTC traded at $220! #Litecoin pic.twitter.com/kYfIqrHHBk

— IntoTheBlock (@intotheblock) December 2, 2024

Nearly 80% of LTC Holders Now in Profit

According to IntoTheBlock’s data, as of December 2, nearly 80% of Litecoin holders are in profit. Specifically, the In/Out of the Money metric highlights that over 6.37 million LTC addresses, or about 79.37% of holders, have entered profitable territory.

This marks the highest profitability rate for Litecoin holders since November 2021, when 75% were in profit as LTC traded at $220. Despite the milestone, approximately 1.23 million addresses, representing 15.36% of holders, remain “out of the money,” having purchased LTC at higher price levels.

At the time of writing, LTC was trading at $131.63, reflecting a 21% increase in the past 24 hours. Its 24-hour trading volume surged by 265%, reaching $4.27 billion. Additionally, CoinGlass data revealed that Litecoin Futures Open Interest climbed by 37% to $620.31 million, signaling heightened market interest in the cryptocurrency.

Further Gains for LTC?

The recent surge aligns with increased interest in digital assets following Donald Trump’s election victory and the resignation announcement of U.S. SEC Chair Gary Gensler. These developments have bolstered positive sentiment in the broader crypto market, with many analysts predicting further gains for top altcoins alongside Bitcoin. 

Speculation around the potential approval of a Litecoin ETF in the United States has further fueled trader enthusiasm, adding to the bullish sentiment surrounding the cryptocurrency. Aligning with this optimism, seasoned trader and market expert Peter Brandt shared a bullish LTC price chart on X.

Brandt’s analysis highlighted a potential price target of $420, suggesting that Litecoin could see significant gains if the rally continues, potentially bolstered by the anticipated ETF approval. Referencing XRP’s recent price movement, Brandt fueled market enthusiasm by asking:

“Can LTC pull another XRP?”

Interestingly, XRP has also seen a resurgence in investor interest. According to CoinTab, whale investors have been actively accumulating Ripple’s flagship cryptocurrency, purchasing over $1 billion worth of XRP within three weeks. The substantial buying activity has driven XRP’s price to $2.49, marking its highest since January 8, 2018.