Litecoin holders are enjoying a profitable period, with over 52% of them currently in the money, signaling a potential bottom and top formation for the cryptocurrency
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Litecoin (LTC) holders are enjoying a profitable time as over 52% of them are currently in the money, according to crypto analytics firm IntoTheBlock.
According to the analytics firm, the surge in profit is a potentially positive indicator for the prominent cryptocurrency, which has been around since 2011.
IntoTheBlock also highlighted that historic bottom levels for the O.G. altcoin have been around 85% of holders at a loss.
This happened in 2015, 2018, 2019, 2020, and most recently in 2022.
With over half of the holders currently being in the money, it raises the question of whether Litecoin will continue its up-only trend.
However, caution is still advised as past bear markets have seen one of the oldest altcoins revisit bear low levels frequently.
Nonetheless, the recent rise in profit for LTC holders is a rather encouraging sign for the cryptocurrency and signals that this classic crypto asset is still very much in the game.
Litecoin, the silver to Bitcoin’s gold, was created by computer scientist Charlie Lee in 2011 as a fork of the Bitcoin protocol and has since gained popularity due to its faster block generation time and lower transaction fees compared to Bitcoin.
As of writing, Litecoin is trading at roughly $95 on major with a market capitalization of over $15 billion.
