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Litecoin Milestone: LTC Holders Cross 8 Million Mark

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Litecoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Litecoin network has achieved another major milestone recently as total LTC holders now exceed 8 million.

Litecoin Has Observed Significant Adoption Over The Past Year

As pointed out by Litecoin Foundation Director of Marketing Jay Milla in a post on X, the total number of LTC addresses with a balance has grown recently.

Related Reading: Bitcoin Shatters Profit-Taking Streak From 2021 Bull Run

Below is a chart using data from the market intelligence platform IntoTheBlock that shows how the total number of LTC addresses carrying a non-zero balance has changed since the start of the year:

Litecoin Addresses

The value of the metric appears to have been trending up in recent weeks | Source: @MillaLiraj on X

From the graph, it’s visible that the total number of LTC holders has been going up this year, with the metric recently managing to surpass the 8 million mark, a new milestone for the blockchain.

Uptrends in the indicator can arise from a few different things. The first and most obvious one is fresh adoption; brand new users coming into the network would naturally open up new addresses and add coins to them, thus raising the total holder count.

Another factor that may contribute to a rise in the metric is existing users opening up new addresses for themselves to divide their holdings, perhaps for a purpose like privacy.

Investors who had left the cryptocurrency earlier, making a return to the network, would also register as a rise in the indicator. In general, all of these factors may be in play at the same time, but the important fact is that a net amount of adoption is usually occurring when the metric goes up.

For any cryptocurrency network, adoption is a constructive sign, as it means that the coin is able to attract fresh attention to it. It, however, usually doesn’t impact the asset in the short-term.

According to Jay, the total number of Litecoin addresses with a balance has increased by more than 1 million within the past year alone, which would imply that the asset’s adoption has accelerated in this period.

Historically, the main attraction of the LTC blockchain has been the fact that it offers fast transactions at a cheap rate. It would appear that this quality is still driving interest behind the asset, but unfortunately for its investors, the growth hasn’t quite reflected in its price, as LTC has lagged behind its peers.

Related Reading: Bitcoin Diamond Hands Weaken As HODLers Sell 669,000 BTC

One upcoming development that may be positive for Litecoin, though, is the fact that on the first date of the coming month, the cryptocurrency exchange Coinbase plans to launch a futures product for LTC.

LTC Price

Litecoin has been putting together some upward momentum recently, as its price has now crossed back above the $91 mark. The below chart shows how the asset has performed during the past few days.

Litecoin Price Chart

LTC has been climbing over the last few days | Source: LTCUSD on TradingView

While the LTC price is up 13% over the past week, these profits have still been weaker than its competitors, which is why the coin is currently only the 22nd largest in the sector based on market cap.

Litecoin Market Cap

Looks like the market cap of the asset is around $6.7 billion at the moment | Source: CoinMarketCap
Featured image from Michael Förtsch on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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