Litecoin (LTC) recently embarked on a rollercoaster ride, showcasing its trademark volatility in the cryptocurrency market. The week began with a remarkable double-digit recovery, surging by 13% midweek, but the surge was short-lived. As the weekend approached, the digital silver faced a wave of short-term selling pressure, sending it downward.
LTC had impressively bounced back from a recent dip that had seen its value drop to $58 at the start of the week. It hit a weekly high of $67 on September 15th before retracing its steps in the closing days of the week.
Presently, LTC is trading at a price of $63.23, accompanied by a 24-hour trading volume of $238 million. Over the past 24 hours, LTC has experienced a 2.79% dip in its valuation.
These figures place Litecoin at the 15th spot in the CoinMarketCap rankings, boasting a market capitalization of $4 billion. The coin currently has a circulating supply of 73,665,008 LTC coins, with a maximum supply capped at 84,000,000.
Despite its recent price fluctuations, Litecoin has been locked in a tight consolidation phase, firmly confined within the $60 to $70 range since mid-August. Despite several attempts by bullish investors to break the critical $70 resistance level, their efforts seem to be waning.
Nevertheless, beneath this apparent stagnation in Litecoin’s price, the coin’s on-chain data reveals an intriguing uptick in activity within its ecosystem.
5M Long-Term Holders Signal Growing Confidence In Litecoin
Of particular note is the milestone reached by Litecoin’s total number of long-term holders, which recently crossed the 5 million mark. This achievement underscores the growing confidence that investors are placing in the digital asset.
Glassnode’s data further strengthens this sentiment, revealing a change in Litecoin’s Hodler Net Position. This metric suggests that holders have accumulated new positions in LTC over the past few months, providing additional evidence of investor optimism in the coin’s future performance.
The key question now remains: will this rising confidence in Litecoin translate into short-term gains, or will traders need to exercise patience while awaiting a potential bull run? Only time will provide the answers.