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Litecoin At 12: How Has Its 84 Million Supply Been Distributed Over Time?

Much has changed since Litecoin launched in 2011 with a maximum supply of 84 million LTC as a silver to Bitcoin’s gold. The crypto recently completed its third halving in August, finally reducing the number of LTC miners receive as a reward for mining a block from 12.5 LTC to 6.25 LTC. 

Over the past 12 years, much of this supply has been distributed to miners as block rewards for verifying Litecoin transactions. At the time of writing, there are 73.76 million LTC in circulation, with data showing this supply concentrated among large holders. 

Estimates from the crypto analysis platform IntoTheBlock show that over 49% of LTC is held by accounts with more than 0.1% of the circulating supply. BitInfoCharts also puts addresses with more than 100,000 LTC having 38.01% of the total supply.

Litecoin addresses

Source: IntoTheBlock

Who Are the Biggest Litecoin Wallet Holders Today?

Litecoin’s 84 million total supply has been distributed over the past 12 years through mining rewards and market trading. The biggest wallet addresses include large miners that have accumulated Litecoin from years of mining and crypto exchanges. Charlie Lee, its creator, claims to have sold or donated all LTC tokens in his collection.

The honor of the biggest Litecoin wallet address belongs to “M8T1B”, accounting for 3.34% of the entire supply in circulation. This wallet holds 2,504,667 LTC worth $158,105,141 at the current market price. 

Next is “ltc1qr” holding 2,225,000 LTC worth $140,451,374. Wallet addresses “MQd1f” and “ltc1qn” comes third and fourth in rankings, holding 1,344,464 LTC and 1,097,050 LTC worth $84,868,217 and $69,250,423 respectively. According to data from BitInfoCharts, these top four addresses hold 8.18% of the total coins in circulation.Litecoin 2

Other top-ranking whales include addresses “ltc1q2” and “MQSs1,” with 927,542 LTC ($58,550,373) and 745,000 LTC ($47,027,540), respectively. Looking through the data shows these six addresses are the Litecoin blockchain whales holding more than 1% of the circulating supply. Metrics from IntoTheBlock put the total concentration of these whales at 11.88% (8.84 million LTC).

Wallets “MB8nnF”, “MFULdM,” “MESruS,” and “LZEjck” complete the top 10 rankings with 513,259 LTC, 472,674 LTC, 416,688 LTC, and 394,044 LTC, respectively. 

What Does Litecoin’s Supply Distribution Mean for the Future?

There seems to be a dull market movement with the whales as sellers continue to maintain control over the market. As a result, the inflow to wallets holding at least 0.1% of the circulating supply has decreased by 91.07% in the past three months.

Litecoin whales

Source: IntoTheBlock

With 87% of LTC already mined, the rate of new supply will slow down over time. This could support price stability and sustainability. Litecoin is currently trading at $63.07, and like all cryptocurrencies, and pseudonymous crypto analyst P_S_trade predicts Litecoin can push up to $84 very soon. 

According to historical data compiled by crypto analyst Tony “The Bull”, Litecoin has always retraced 70% in the weeks following its past halvings. However, the recently concluded halving event may present a different narrative.

Litecoin is currently trading in a range since last week and is seeking to extend its gains of 2.35% over the past 24 hours. 

Litecoin price chart from Tradingview.com

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Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward.

Litecoin Price Shooting For The Stars

The current crypto market headwinds seem to be working in favor of the Litecoin price which one crypto analyst believes is gearing up for a run-up to $83. In the post, the pseudonymous analyst identified as P_S_trade points to the possibility of the crypto market continuing its growth trend. However, this would be null and void if the crypto market were to reverse back below $27,000.

For Litecoin, the analyst points out that the altcoin has usually been the first to start to see an upside in the crypto market. But this has not been the case, as previously mentioned since high levels of profit-taking have affected the LTC price.

Litecoin price chart from Tradingview.com

Even from the current level, the analyst’s chart points toward a possible retracement from here back down to $55. However, once this is completed, the bounce-off from there shows LTC reaching as high as $77 before succumbing to another correction.

This decline is also similar to the first instance where it falls to $55 in the fact that it signals another price surge. Following this second correction, the analyst puts the bottom somewhere around $67 before Litecoin continues its ascent once more.

The top of this second rally then lands just above $84 on the chart. Although there is no official timeline, the range of trades mentioned by the analyst is the medium term, which could see this run out for a couple of months.

Litecoin price chart from Tradingview.com (LTC prediction crypto analyst)

LTC Daily Transactions Continue To Decline

While the analyst foresees Litecoin price to surge, other metrics could be pointing in the opposite direction. For one, the daily transaction numbers for the altcoin have been steadily on the decline since the halving event in August.

According to data from BitInfoCharts, the number of daily LTC transactions has fallen from over 584,000 in May to just shy of 104,000 transactions by Tuesday, October 10. This points to a lack of interest from investors usually brought on by bear market headwinds.

Additionally, the daily transaction volumes, as shown by the token tracking website CoinMarketCap, show a 13.26% decline in the daily trading volume of Litecoin. These bearish metrics could thwart chances of reversal. However, they could also signal the bottom that triggers the start of another rally.

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Litecoin Price Prediction: LTC Could Retest $60 Before Fresh Surge

Litecoin price is struggling to gain pace above $66.40 against the US Dollar. LTC could revisit the $60 support before the bulls take a strong stand.

  • Litecoin is correcting losses from the $63 support zone against the US Dollar.
  • The price is now trading below $66 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could drop toward the $60 support before it starts a fresh increase.

Litecoin Price Signals Bearish Move

This past week, there was a fresh decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $68.40 before it started a fresh decline.

The price traded below the $66.40 and $65.00 support levels. It retested the $63.00 support zone. A low was formed near $63.01 and the price is now attempting a fresh increase. There was a move above the $65.20 resistance.

The price spiked above the 50% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. Litecoin is now trading below $66 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair.

On the upside, immediate resistance is near the $65.50 zone. The next major resistance is near the $6.40 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. If there is a clear break above the $66.40 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $68.40 and $70 levels. Any more gains might send LTC’s price toward the $75 resistance zone.

Downside Thrust in LTC?

If Litecoin price fails to clear the $66.40 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.00 level.

The next major support is forming near the $60 level, below which there is a risk of a move toward the $58.00 support. Any further losses may perhaps send the price toward the $55 support.

Technical indicators:

4-hour MACD – The MACD is now losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Major Support Levels – $63.00 followed by $60.00.

Major Resistance Levels – $66.40 and $68.40.

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Litecoin Stuck In A Rut: Will Bullish Momentum Or Bearish Pressure Prevail?

Litecoin (LTC) has spent the past week trading within a tight price range, with its value hovering steadily around the mid-range point of $64. The price action for LTC in September has remained primarily bearish, with sellers maintaining control over the market. 

While LTC has a history of volatile price swings, recent times have seen it mirroring the sideways movement of the overall market, largely influenced by Bitcoin’s fluctuations, which rose from $25,000 to $27,000 before dropping to $26,000.

As of the latest data from CoinGecko, Litecoin is currently trading at $64.63, with a 24-hour gain of 0.7%. However, over the past seven days, LTC has experienced a decline of 2.9%, reflecting the prevailing bearish sentiment in the market, according to a recent price report.

Chasing Litecoin Bulls and Avoiding The Bears

For those looking for a bullish revival in Litecoin’s price,  a price report notes that the key level to watch is the 23.6% Fibonacci retracement level, which stands at $69. Breaking above this level could open the door for further gains, with potential targets lying at $78 and $80.

On the other hand, if the flat trading volume persists, bears may exert further pressure, potentially leading to a drop in LTC’s price to the $60 mark.

Market speculators have not been particularly enthusiastic about Litecoin’s recent sideways movement. The Open Interest (OI) for LTC has continued to decline, with data from Coinalyze indicating a $9 million drop within the past 48 hours. This suggests that traders and investors are becoming increasingly cautious as they monitor the developments in the Litecoin market.

Litecoin’s Investment Appeal in Q3/Q4

Despite the recent lackluster performance, some analysts believe that Litecoin remains an attractive investment opportunity in the third and fourth quarters of this year. Litecoin’s established reputation, solid ecosystem, and upcoming halving events are factors that contribute to its appeal.

Halving events have historically had a positive impact on Litecoin’s price, reducing the rate at which new LTC coins are mined and potentially increasing scarcity.

Market participants are closely watching the 23.6% Fibonacci retracement level at $69 for signs of a bullish revival, while a continuation of flat trading volume could see LTC drop to $60.

Despite recent market concerns, Litecoin’s strong fundamentals and upcoming halving events make it an investment opportunity worth considering as we move into the later part of the year.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Invest Right

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Litecoin Eliminates Pre-Halving Gains As Volume Drops, Is A Fall To $50 Coming?

In the months leading up to the Litecoin halving in August, the price of the blockchain’s native LTC token was continuously on the rise. This renewed interest in investors who rushed back into the token and eventually pushed its price above $100. That is until the actual halving event rolled around, turning it into a “buy the rumor, sell the news” scenario. Since then, it has been a downward spiral for the token and the pain may not be over.

Litecoin Volume Slumps Post-Halving

Litecoin volume since the halving was completed has been less than expected. While investors expected rising demand for the LTC token with the diminished supply rate, the opposite has been the case. Instead, the daily trading volume of the cryptocurrency continued to slump.

In the last day, the Litceoin daily trading volume fell another 23%. This brought its daily volume to $255 million, a significantly low figure compared to the $500 million daily volumes that the cryptocurrency was recording leading up to the halving.

Litecoin volume

Just like the trading volume, the price of LTC has also plunged significantly. From its pre-halving peak of $112, the altcoin has fallen over 50% to its current level just above $60. This means that the asset has lost all of its gains accumulated between June and July 2023, just one month after the halving was completed.

So rather than being a bullish event as initially expected, the halving has proven to be more bearish than most. It also did not help that it took place during the bear market and LTC has fallen rapidly alongside larger assets such as Bitcoin and Ethereum.

Litecoin price chart from Tradingview.com (Volume)

Will LTC Fall Continue To $50?

At the current rate, the forecast does not look too good for the LTC price. Litecoin has understandably seen a 3% increase in the past day as Bitcoin recovered above $26,000. But this does not look sustainable by its current metric.

The first indicator of this is that falling daily trading volume means that interest in the asset is waning. As investors move to other assets they believe provide better prospects, this will affect the LTC price and could trigger further downside from here. Add to this that the coin’s price is below its 50-day and 100-day moving averages and it spells a recipe for disaster.

If LTC bulls are unable to hold support above $60 and it falls once again as it did on September 11, then $50 becomes a very possible landing point. Such a decline would put it back at November 2022 levels and signal a prolonged bear trend for the digital asset.

At the time of writing, LTC price is still sitting above $62 but the tug-of-war for control between bulls and bears continues to rage on.

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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. The firm defines “long-term holders” (LTHs) or HODLers as investors holding onto their coins since at least one year ago. Note that this cutoff for the LTHs differs from what some other analytics platforms use, usually around five to six months.

The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years.

Litecoin HODLers

As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth.

Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency.

Interestingly, while the LTHs have grown in number during this period, the cryptocurrency price has mostly struggled. This shows that despite the poor price action, there has been growing confidence among a subset of holders who believe that the asset would be a profitable investment in the long term.

This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market.

LTC Price Has Continued To Struggle Recently

Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around $63.

Litecoin Price Chart

While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term.

Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges.

Litecoin Profit/Loss

The “cost basis” here refers to the price at which the investors bought their coins. In the above data, the dot for the $64.9 to $69.29 range, for instance, represents the percentage of Litecoin investors who bought at prices lying inside this range.

Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market.

The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the $69 mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.

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Litecoin Price Momentum: Will It Sustain Above The $63 Mark?

Litecoin (LTC) has found itself in a tight consolidation phase, firmly locked within the $60 to $70 range since mid-August. Despite several attempts to break above the $70 resistance level, bulls seem to be running low on aggressiveness.

As of the latest data from CoinGecko, LTC is trading at $62.99, reflecting a 1.8% decline over the past 24 hours and a seven-day slump of 3.1%.

In recent weeks, LTC bulls have diligently defended the August 2022 range-high of $63, preventing a drop below this crucial support level. However, their efforts to push the price beyond $70 have proved futile. 

Litecoin Bulls Defend Key Levels But Face Technical Challenges

A closer look at the technical indicators reveals that the H12 bearish order book and the 50-day Exponential Moving Average (EMA) are posing significant challenges for the bulls.

Analysts believe that Litecoin could continue its consolidation above the $63 range-high in the coming hours or days. Still, the prevailing bearish pressure could hinder any substantial upward movement in the near term.

LTC’s Struggle Amid Growing On-Chain Activity

Surprisingly, despite Litecoin’s price consolidation, its on-chain data has shown increased activity in its ecosystem. According to a separate report, over the past four months, the share of Litecoin in global cryptocurrency payments has surged by an impressive 21%. 

This suggests that despite the stagnant price, Litecoin remains a popular choice for transactions.

Sell Limit Orders And Bearish Sentiments

To complicate matters further for LTC, order flow tracking platform Mobchart cited in an analysis significant sell limit orders at $66 (3.11k LTC) and $70 (3.26k LTC) on Binance Exchange’s spot market. 

These levels are strategically positioned between the H4 50-EMA and the H12 bearish order book, effectively forming a formidable barrier for Litecoin’s price to overcome. This adds to the growing challenges faced by LTC bulls in their quest to push the price higher.

Moreover, sentiment around Litecoin has been increasingly bearish in recent times, as indicated by a separate report revealing that LTC bears have strengthened by 19% in the past week. This surge in bearish sentiment has likely contributed to the current downward pressure on LTC’s price.

Litecoin (LTC) remains trapped within the $60 to $70 range, with technical indicators and significant sell orders acting as obstacles to any substantial price movement.

Despite on-chain activity showing promise, growing bearish sentiments continue to weigh on LTC’s price, making it a challenging period for Litecoin investors and enthusiasts.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CMC Markets

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Grayscale’s Win Breathes Life Into Litecoin, Post-Halving Rally On?

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. Before this ruling, the presiding judge said SEC needed to elaborate on why they denied Grayscale’s application.

Litecoin Rebounds

Following today’s court statement, Bitcoin prices soared, and the aftermath of this pump has positively impacted Litecoin. As it is, BTC is up roughly 10%, sharply rebounding from around $25,800 support recorded last week. Meanwhile, LTC, the bitcoin “silver,” is up 7% when writing, aiming to reverse losses of August 17. 

Litecoin price on August 29| Source: LTCUSDT on Binance, TradingView

Litecoin is changing hands at around $70, with a noticeable increment in trading volumes. Typically, in crypto trading, a spike in volumes, regardless of trend direction, can point to engagement and provide a “hint” of traders’ sentiment.

With rising volumes and expanding prices, it could suggest that bulls are positioning themselves for even more gains in the sessions ahead. Meanwhile, sharp losses with increasing volumes may mean bears are unloading, and prices may drop.

Post-Halving Rally On?

The expansion in LTC trading volumes, as visible in the daily chart, could translate to a possible bottom for the digital asset that has been under pressure in the past few sessions. To illustrate, LTC is down 26% in August 2023 alone. This dump is despite news of the Litecoin network halving its miner rewards to 6.25 LTC in early August. 

In crypto, halving events has historically been associated with fresh cycles of increasing demand for the underlying coin. For Bitcoin, past performances indicate that the coin tends to rally months after the halving event. Meanwhile, in Litecoin, it has been mixed, but spot prices are generally higher than in 2019 when it halved.

With Grayscale igniting demand in Bitcoin and other proof-of-work altcoins like Litecoin, it is yet to be seen whether bulls will build on this and push prices, especially of LTC, higher. LTC prices are currently trending inside the August 17 bear candlestick.

Technically, this is bearish from volume analysis. A sharp reversal and rally, ideally above $75, peeling back August 17 losses, might catalyze more demand, potentially setting the base for a relieving post-halving rally. 

If this is the case, August 17’s losses could be the climactic end of the leg down as LTC establishes a triple bottom at around the $60 and $65 support zone. Previously, LTC found support in this region in March 2023 and December 2022.

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Litecoin Price Prediction: LTC Faces Uphill Task Near $70

Litecoin price declined heavily below $80 and $70 against the US Dollar. LTC is attempting a recovery wave but upsides might be limited above $70.

  • Litecoin is correcting losses from the $56 support zone against the US Dollar.
  • The price is now trading below $70 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could recover above $66 but the bears might remain active near $70.

Litecoin Price Starts Recovery

This past week, there was a sharp decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $85 before it started a fresh decline.

There was a sharp decline below $80 and $70. The price even declined below $60. It traded as low as $55.78 and recently started an upside correction. There was a minor increase above the $60 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low.

Litecoin is now trading below $70 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair.

On the upside, immediate resistance is near the $66 zone. The next major resistance is near the $70 level. It is close to the 50% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low. If there is a clear break above the $70 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $75 and $78 levels. Any more gains might send LTC’s price toward the $85 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $70 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.50 level.

The next major support is forming near the $60 level, below which there is a risk of a move toward the $56.00 support. Any further losses may perhaps send the price toward the $52 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Major Support Levels – $63.50 followed by $60.00.

Major Resistance Levels – $66.00 and $70.00.

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Litecoin Price Plunges To Sub-$70 Territory – What Traders Should Expect

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.

As Bitcoin (BTC) grapples with a precipitous decline, currently trading below $26,000, the impact reverberates across the broader crypto landscape. LTC, trading at $64.15 according to CoinGecko, has encountered a 1.5% drop over the last 24 hours, contributing to a week-long slump of 23.2%.

Litecoin Loses Grip On The $70 Handle

This downturn prompted a cascade of over $1 billion worth of position liquidations within a 24-hour window, a testament to the market’s heightened volatility.

In the midst of intraday trading, Litecoin momentarily dipped to the $60 mark before staging a recovery. This decline has pushed LTC to year-to-date lows, ominously edging toward the lows witnessed in December 2022.

Yet, understanding the dynamics behind LTC’s struggle requires delving into its intricate relationship with the alpha coin

Litecoin Price Dependence On Bitcoin

The intrinsic connection between Litecoin and Bitcoin has both bolstered and hampered LTC’s journey. Historically positioned as a complementary alternative to Bitcoin, Litecoin carved its niche by embracing faster transaction speeds and a different mining algorithm.

However, the symbiotic relationship between these two cryptocurrencies also makes Litecoin susceptible to Bitcoin’s market movements.

Litecoin’s recent setback underscores this interdependence. Analysts contend that Litecoin’s price trajectory has often mirrored Bitcoin’s, with downturns accentuated by its role as a secondary asset.

While Litecoin offers distinct utility, its fate remains intertwined with the broader market sentiment and Bitcoin’s performance. This connection has led to LTC’s price behavior echoing Bitcoin’s, both in its drops and potential recoveries.

Navigating The Path Ahead: Key Levels To Watch

As Litecoin navigates this challenging terrain, crucial support and resistance levels come into play. Analysts are closely monitoring a potential consolidation of losses within the range of $56 to $70, contingent on Bitcoin’s further losses. The $70 mark represents a pivotal point, indicating bullish intent if breached, and an edge for the bulls only above $75.

Litecoin

Key resistance levels lie at $70 and $78.5, acting as hurdles on LTC’s potential recovery journey. Conversely, essential support levels rest at $50.5 and $42, indicating the critical junctures that could either exacerbate LTC’s downturn or potentially pave the way for resilience.

As the market continues to evolve, the lessons from these fluctuations offer valuable insights into the evolving nature of digital assets and the nuanced relationships that underpin their value fluctuations.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Coin Insider

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Litecoin Hash Rate Steady Despite Dismal Price Action: Will This Change?

One week after the highly anticipated Litecoin halving event on August 2, on-chain data reveals that the network’s hash rate, a key measure of computing power channeled to the network, is steady but erratic.

As of August 9, trackers indicate that the Litecoin network’s hash rate is hovering around 760 TH/s, a notable decrease from the all-time peak of 816 TH/s recorded in late July 2023.

Litecoin Prices Steady But Lower, Rally Incoming?

Litecoin prices, on the other hand, are firm but down in the previous week of trading. CoinMarketCap data on August 9 shows that LTC is changing hands at $83, down 5% over the past week. What’s clear is that prices are moving tightly inside a consolidation range.

LTC price on August 9 days after Litecoin halving| Source: LTCUSDT on Binance, TradingView

Despite this dip, LTC is relatively resilient, up 17% from June 2023 lows. However, from a top-down preview, the coin is down 26% from the 2023 highs. In the medium term, LTC remains bullish since bears have failed to unwind gains posted from mid-June to mid-July 2023. Whether bulls will maintain control after halving, however, is also unclear.

If past performance guides, there is a glimmer of hope for bulls. The previous Litecoin halving in August 2019 was several months before LTC ripped to $400 in 2021. Even so, before this spike, LTC prices nearly halved from $66 to $35 in December 2019.

Unlike previous halvings, the crypto space has matured, and regulatory clarity has improved, particularly concerning Bitcoin—the foundational protocol from which Litecoin emerged. For instance, while most US regulators consider Bitcoin a commodity, the Securities and Exchange Commission (SEC) is cautious toward other altcoins.

Tracking On-Chain Metrics To Gauge Interest

Considering the above challenges and regulatory uncertainty, the interconnection between hash rate and spot prices is actively monitored. Litecoin relies on decentralized miners for security and transaction confirmation. 

The network’s security is evaluated via the hash rate metric, which risks crashing since miners must allocate more resources after the network halved rewards to 6.25 LTC. A potential price decline could trigger a corresponding reduction in hash rate, forcing the network to adjust the difficulty. 

How this evolves remains to be seen, and the network remains stable at spot rates. Besides the hash rate near all-time highs, the network’s activity seems unaffected. According to IntoTheBlock data, the network’s average growth is steady despite sentiment on LTC being generally negative.

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Litecoin Long-Term Holders Smartly Exited Before Halving, Data Shows

Data shows that Litecoin long-term holders exited the asset before the halving, while short-term holders were left to panic on the halving day. The “halving” here refers to an event where the block rewards of Litecoin are permanently cut in half.

Litecoin Long-Term Holders Sold During Price Surge Before The Halving

According to data from the market intelligence platform IntoTheBlock, the long-term holders had been well-prepared for the “sell the news” halving event. The “long-term holders” (LTHs) generally include all investors who have been holding onto their coins since at least six months ago.

Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?

This group includes some of the most resolute investors in the Litecoin market, who don’t easily react to whatever is going in on in the wider sector, as they usually hold through FUD or profit-taking opportunities without participating in any significant selling.

Because of how rare movements from these investors can be, the few times that they do sell can be the ones to watch out for, as they may spell trouble for the market.

A way to gauge whether the LTHs are participating in selling or not is through the “holding time of transacted coins” metric, which tells us about the average amount of time that coins being transferred on the blockchain had been dormant prior to this movement.

When the value of this metric is high, it means that the age of coins being sold on the network is high, which can naturally be a sign that the LTHs are active right now. On the other hand, low values usually indicate that the short-term holders (STHs) are the ones selling currently.

Now, here is a chart that shows the trend in the Litecoin holding time of transacted coins over the past few months:

Litecoin Long-Term Holders

As you can see in the above graph, the Litecoin holding time of transacted coins spiked back in June, when the price of the cryptocurrency had been observing a sharp rally.

During the largest of these spikes, the indicator’s value had exceeded 1 year, implying that some of the most experienced investors in the market had broken their silence.

This rally had occurred as the market had started getting hyped about the halving, which was only a month and a half away at that point.

This event takes place every four years, with the latest one having occurred just earlier this month. Unlike what some may have hoped for, the event didn’t prove to be bullish for LTC, as the aforementioned rally didn’t last for too long and the cryptocurrency only declined in the remaining leadup to the halving, until finally it actually sharply plunged on the day of the event itself.

It would appear that the experienced LTHs had already predicted something like this may happen, so they had taken the wise decision of selling while the opportunity was there.

In the post-halving selloff, the indicator’s value has remained low, implying that it’s only the short-term holders who have been panic selling after they saw that a bullish trend couldn’t return to Litecoin with the event.

LTC Price

At the time of writing, Litecoin is trading around $84, down 8% in the last week.

Litecoin Price Chart

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Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look

Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market. 

As of the latest update, LTC finds itself trading within a critical support zone, prompting discussions among traders and analysts about its potential trajectory.

With the value of LTC hovering just below the $80 mark, market observers are closely monitoring whether this level will hold against the prevailing bearish sentiment.

Litecoin Vital Support Zone Tested

A recent price analysis has underscored the significance of the $80 threshold, suggesting that a breach below this point could potentially trigger an extended downtrend for Litecoin.

The current market figures reflect a small 24-hour uptick of 0.2% and a seven-day decline of 8.5% with a current price of $82.57 on CoinGecko, painting a cautious picture for LTC’s short-term performance.

The fluctuations in price during this period have sparked discussions about the factors contributing to Litecoin’s recent struggles.

Halving Event And Its Impact

The crypto community is no stranger to the phenomenon of halving, an event embedded in the genes of cryptocurrencies like Litecoin. In 2019, Litecoin underwent its second halving, a pre-programmed event that occurs approximately every four years.

This event, characterized by a reduction in block rewards issued to miners, has historically carried significant implications for price trends.

The halving event in 2019 witnessed a fascinating sequence of events. In the lead-up to the halving, Litecoin’s price experienced a rally, generating excitement among investors. However, the post-halving scenario took an unexpected turn as an extended downtrend followed, lasting for over 500 days.

This downtrend was succeeded by a period of consolidation, marking the complexity of crypto market dynamics and the interplay between halving events and price trends.

LTC’s Third Halving Event And Network Fundamentals

Fast-forward to August 2, 2023, and Litecoin’s blockchain has just experienced its third halving event. Occurring at block 2,520,000, this event has effectively slashed mining rewards to 6.25 LTC per block. Despite the prevailing lull in price action, Litecoin’s network fundamentals remain robust. 

Meanwhile, Litecoin’s hashrate is poised to achieve an all-time high, exemplifying the network’s resilience and ongoing miner participation.

Presently boasting a difficulty level of 933.2 TH/s, Litecoin inches closer to establishing a new record, highlighting its secure and decentralized network infrastructure. 

The strengthening hashrate and its associated positive network indicators underline Litecoin’s capacity to withstand market fluctuations and continue to evolve in the face of external pressures.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Currency Analytics

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Litecoin Hashrate Taps New All-Time High, Will LTC Price Follow Suit?

The Litecoin hashrate has been going up steadily over the last year. This was mainly driven by the anticipation leading up to the Litecoin halving that was slated to take place in August. Now that the halving event has come and gone, the hashrate has risen to a new all-time high, but the question is, whether the price of LTC will follow suit.

Litecoin Hashrate Taps New ATH Of 1.03 PH/s

The steady rise in the Litecoin hashrate is a testament to the growing interest in the network. The hashrate points to the fact that there are more miners on the blockchain trying to guess the correct answers to each block. And this translates to better security overall for the Litecoin network.

Interestingly, this increase in hashrate has seen the network hit not only a new all-time high but a significant milestone. According to data from CoinWarz, the Litecoin hashrate rose as high as 1.03 pentahashes per second (PH/s) on August 4.

This means that for the first time, LTC’s hashrate has left the terahashes per second (TH/s) territory and crossed into the pentahashes per second (PH/s) territory. Although it is still a long way from Bitcoin’s exahashes per second (EH/s), it is a testament to how much the Litecoin network has grown.

The Litecoin hashrate has since retraced back into the TH/s territory, now sitting at 739.88 TH/s as of Monday, August 7. But a look over the last year’s hashrate chart shows that even this is a high level for the blockchain’s hashrate.

Litecoin hashrate

Will LTC’s Price Follow The Hashrate?

Since the Litecoin hashrate hit its new all-time high, the price of LTC has been more volatile than normal. This is not out of the ordinary though as the altcoin has been following the general market trend and LTC’s is a testament to that trend.

So far though, it doesn’t seem like LTC has made any effort to break out of this trend. If anything, it has suffered more declines than recoveries, even dipping to as low as $$80.65 on August 4. This decline shows that the new hashrate ATH has not moved investors to invest more in the coin.

For now, something that could lead to an uptrend for Litecoin’s price is if Bitcoin begins another rally and the crypto market starts to see improved sentiment. Otherwise, LTC will likely continue to toe the $82 line for the better part of the week.

At the time of writing, LTC price is trading at $82.80, down 0.47% in the last day and 11.67% in the last week.

Litecoin (LTC) price chart from Tradingview.com