Market Focus! LTC price may soar to $200, Litecoin long-term holders are confident!

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According to data from IntoTheBlock, long-term holders (LTH) account for 78% of Litecoin addresses, holding LTC for over a year. These investors typically buy during bear markets and sell when prices peak.

However, IntoTheBlock reveals that long-term holders of LTC have shown a different trend in the current market cycle. The trend indicates a slight decrease in holdings, but it is not as pronounced compared to past cycles. The small decline suggests that many investors still hold an optimistic view on further price increases. LTH seems to expect higher valuations in the future rather than exiting at current levels.

Meanwhile, LTC is currently experiencing significant price volatility, with greater fluctuations in the 'Cruisers' and 'Traders' categories. As of the time of writing, the price of Litecoin is $93.94, down 13.9% in the past 24 hours.

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The ongoing volatility of Litecoin (LTC) reflects short-term trading behavior regarding market conditions. Therefore, despite market fluctuations, the sentiment of Litecoin (LTH) still strives for greater profits, indicating a strong belief in its long-term value proposition. At the same time, the latest 2024 data for Litecoin (LTC) (LTH) reflects a pattern similar to that after the 2020 election.

Both periods saw significant price fluctuations and increases shortly before and after the U.S. elections.

Litecoin's price rose from around $60 at the end of 2020 to a peak of over $160 at the beginning of 2021. Notably, the pattern for the fourth quarter of 2024 resembles the rapid price increase following the elections, suggesting that prices may soar further.

In the past, post-election gains have shifted to the new year. If this pattern holds this year, Litecoin may break the $200 threshold in early 2025.

Currently, Litecoin's charts indicate strong buy signals and increased trading volume, similar to 2020. This trend suggests that Litecoin's cyclicality and the influence of broader market sentiment during election periods are amplified. As mentioned in the CNF report, market analyst CauseWereCrypto predicts that LTC may soon reach $150.

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