📊 Litecoin Adds $1 Billion to Its Market Capitalization, LTHs Start Liquidating
Litecoin (LTC) has seen its market capitalization grow by 15% in the last week, adding $1 billion as its price reached a two-year high of $119.64.
This increase has led long-term holders (LTHs) to sell their coins to secure profits. However, the rally in LTC's price shows signs of continuing momentum.
🔸 #Litecoin Long-Term Holders Record Profits
BeInCrypto's on-chain assessment of LTC's Vitality metric has revealed an increase in the number of coins recently moved or spent. According to Glassnode, this currently stands at a yearly high of 0.71. To put this in context, on November 1, LTC's Vitality had dropped to a yearly low of 0.69.
The Vitality of an asset provides insight into the spending behavior of its LTHs. It measures the proportion of coins that have been recently moved or spent. When it increases, it indicates that many long-term holders are liquidating their positions.
Notably, the negative readings of LTC's Net Position Change for Hodlers confirm this distribution trend among its LTHs. This metric, which also tracks the behavior of LTHs, has returned only negative values since November 2. In fact, on December 1, it closed at a yearly low of -993,199.
When the Net Position Change for Hodlers is negative, long-term holders (HODLers) are selling more of their holdings than they are accumulating, indicating profit-taking.
🔸 #LTC Price Prediction: Bulls Remain in Control
Despite the selling activity by LTHs of the coin, the bullish trend towards LTC remains significant. At the time of publication, LTC is trading above its Ichimoku Cloud, confirming positive momentum in the market.#LitecoinUpdate $LTC
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