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

Click on the avatar to watch the live broadcast and chat!

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 in the current market cycle, LTC long-term holders are showing a different trend. The trend shows a slight decrease in holdings, but it is not as pronounced compared to past cycles. The small decline indicates that many investors remain optimistic about 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 volatility changes in the 'Cruiser' and 'Trader' categories. As of the time of writing, the price of Litecoin is $93.94, down 13.9% in the past 24 hours.

[mcrypto ID='435419']

The ongoing volatility of Litecoin (LTC) reflects short-term trading behavior based on market conditions. Therefore, despite market fluctuations, Litecoin (LTH) still adheres to the sentiment of pursuing 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 patterns seen after the 2020 election.

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

The price of Litecoin rose from around $60 at the end of 2020 to a peak of over $160 in early 2021. Notably, the pattern for the fourth quarter of 2024 resembles the pattern of rapid price increases following an election, suggesting the possibility of further price surges.

In the past, post-election gains would carry over into the new year. If this pattern holds this year, Litecoin could break the $200 threshold in early 2025.

Currently, Litecoin charts show strong buy signals and increased trading volume, similar to 2020. This trend indicates that Litecoin's cyclicality and the broader market sentiment during elections are amplified. As mentioned in the CNF report, market analyst CauseWereCrypto predicts that LTC could soon reach $150.

Click on the avatar to watch the live broadcast and chat!