According to the IntoTheBlock analytical company, more than 60% of Litecoin ($LTC
) holders are now in profit. This is the highest figure since April 2024. Then it rose to 75% after the Commodity Futures Trading Commission declared LTC a commodity.
The recent growth of the Litecoin exchange rate began after the comic announcement by the developers of the asset that the cryptocurrency had received the status of a memcoin. A simple post with the inscription "Now I am a memcoin" led to the fact that the LTC rate rose by more than 15%, exceeding the $85 mark. The trading volume of the asset also increased by more than 33%, reaching $950 million.
However, the LTC rate is still 77% below the 2021 record high of $412.
According to IntoTheBlock analysts, Litecoin has the potential to reach new highs. Moreover, short-term holders of the asset are now demonstrating increased demand for altcoin. LTC balances on their cryptocurrencies increased by 31%. Usually, such interest precedes a jump in asset prices.
Another factor that influenced the mood of investors was the interest in LTC from miners — since the beginning of 2024, the Litecoin hashrate has increased by about 30% to 1.35 Px/s. Finally, in October, asset manager Canary Capital applied for the first spot LTC ETF, which also became a reason for optimism among asset holders.