Litecoin Impresses: Over 20% of Holders Have Not Sold in Five Years

The Litecoin Foundation, a non-profit organization developing the Litecoin cryptocurrency (LTC), has revealed that over 20% of LTC holders have not sold their coins in the past five years. This resilient stance comes despite Litecoin’s underperformance compared with contemporary cryptocurrencies.

More than 20% of Litecoin addresses have held their $LTC for more than 5 years. pic.twitter.com/OBpjW1CPGW

— Litecoin Foundation ⚡️ (@LTCFoundation) May 5, 2024

Diamond Hands!

The latest information on LTC holders shows investors’ continued interest in the cryptocurrency despite all odds. These address owners are likely long-term bullish on LTC’s performance and strongly believe the asset will capture more gains over time.

Founded in October 2011 by former Google engineer Charlie Lee, Litecoin is a global peer-to-peer cryptocurrency forked from Bitcoin. Being over a decade old, Litecoin ranks as the second-oldest cryptocurrency after Bitcoin.

Despite being in existence for a long time, LTC has yet to capture as much attention as prominent assets like Solana (SOL), Ethereum (ETH), and others. Having a market capitalization of over $6 billion, LTC ranks as the 22nd largest cryptocurrency.

Like most cryptocurrencies, LTC’s value has increased over the past 24 hours. Current data from the price tracking platform CoinStats reveals that the asset is valued at $83.4, representing nearly a 5% increase in the past 24 hours.

How Litecoin Has Performed Recently

Factors contributing to Litecoin’s attraction to holders include a recent optimism from its creator, Charlie Lee, over the possibility of a Litecoin exchange-traded fund (ETF) product entering the financial market. According to Lee, the LTC community may see its ETF product due to its structural similarities to Bitcoin. Recall that Bitcoin has a spot ETF product that has raked in billions of dollars from investors.

Another factor that has drawn crypto users to Litecoin is its embrace of the Runes protocol, a technology that allows networks like Bitcoin to host meme coins and non-fungible tokens. Its creator, Casey Rodarmor, declared that the technology would debut immediately after the Bitcoin halving event.

These factors have sparked an increase in the number of transactions performed on the Litecoin network, surpassing one million last week.