Litecoin Breaks Another Record: HODLers On Network Now Exceed 5 Million

On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million. Litecoin Long-Term Holders Have Continued To Rise In Number Recently According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week.

Timeline of Litecoin

Litecoin (LTC) price has stagnated within the $65 – $68 territory after failing to break above $70 during the mild price bounce earlier this week. With whale investors now closing their positions, on-chain analysis explores LTC price prospects for the coming weeks.

Last week, Litecoin (LTC) slid to a 2023 bottom of $56, culminating in a third consecutive post-halving crash. Can Grayscale's landmark victory propel Litecoin price toward reclaiming the post-halving losses?

The mean coin age of LTC has been climbing higher since late June. Even after the recent losses in the price, this metric continued to climb higher, which signaled a network-wide accumulation of Litecoin.

In a refreshing ruling on August 29, the United States District of Columbia Court of Appeals said the stringent Securities and Exchange Commission (SEC) was, after all, wrong in denying Grayscale to convert their over-the-counter (OTC) Bitcoin Trust (GBTC) into a Bitcoin spot exchange-traded fund (ETF). The regulator had previously barred the conversion of the GBTC to an ETF, citing an alleged absence of measures to prevent price manipulation, forcing Grayscale to sue.

There was an FVG on the H4 chart that extended from $65.97 to $72.79 that Litecoin left behind during its rapid descent on 17 August. Therefore, a bounce to $72 was possible to fill this gap.

Litecoin (LTC) price hit a third consecutive post-halving crash when it tumbled 24% on August 17, dropping to a 2023 low of $56. Historical on-chain data provides insights into how Litecoin investors reacted to similar price crashes in the past.

Litecoin (LTC), the altcoin often dubbed as “silver to Bitcoin's gold,” has found itself caught in the downward spiral of the cryptocurrency market, mirroring the struggles of its larger counterpart. While LTC's association with Bitcoin has long been a double-edged sword, the recent price crash is putting on the spotlight the intricate interplay between these digital assets.

Litecoin was one of the notable movers during Friday's crypto blood bath, as markets reacted to speculation that Spacex had sold over $370 million in bitcoin. Today's sell-off saw the global market cap fall by roughly 6.20%, at the time of writing. XRP also fell significantly.

Shiba Inu (SHIB) has leapfrogged Litecoin (LTC) on the cryptocurrency rankings following the market shake-up on Thursday. While SHIB held firm at the $0.000008 support, Litecoin (LTC) hit a yearly low of $56, taking its market capitalization below $5 billion in the process.

The Litecoin (LTC) price has hovered within the $81 – $85 range over the past week. A closer look at the underlying on-chain data analyzes the plausibility of bearish predictions that LTC prices may sink below $65 in the coming weeks.