Litecoin Hits Milestones: Record Profits, Hashrate Highs, And Growing Adoption
Litecoin ($LTC) has been making waves in the crypto space, with over 60% of its holders now in profitthe highest figure since April.
However, a significant portion of holders still at a loss purchased during 2021s peak prices.
As they approach break-even, selling pressure could create resistance, though some believe Litecoin may push through to set new highs in this cycle.
Over 60% of LTC holders are now in profitthe highest since April.
Many of the holders still at a loss bought in 2021 and may sell as they break even. Could this create resistance, or will Litecoin push past and set new highs this cycle? pic.twitter.com/EY4iKrKss8
IntoTheBlock (@intotheblock) November 18, 2024
The networks activity is at an all-time high, completing 84 million transactions in 202417 million more than in 2023. This marks the most transactions in a single year for Litecoin, demonstrating its growing adoption.
BREAKING #Litecoin has hit a new ATH Hashrate. The network has never been more secure. $LTC pic.twitter.com/wuGjSGTV96
HedgeFi LTC (@NocturnalAutism) November 18, 2024
Additionally, Litecoins hashrate recently reached a record-breaking 1.35 PH/s, making the network more secure than ever.
NEW RECORD: The #Litecoin network has broken a new milestone, completing 84 million transactions in 2024! The most ever in a year & already 17 million more than in 2023. $LTC is more active than ever! #MondayMotivation pic.twitter.com/KvbS0aNPYW
Litecoin Foundation (@LTCFoundation) November 18, 2024
Recent developments have only added to the excitement:
1. Meme Coin Makeover
Litecoin cheekily rebranded itself as a meme coin, sparking a 15% price rally and a wave of social media attention.
2. WLTC on Ethereum
Partnering with Coinut, Litecoin introduced Wrapped Litecoin (WLTC) on Ethereum to expand its utility. However, the move coincided with a 7.6% price dip amid broader market trends.
@litecoin's recent antics have the crypto world buzzing :
Meme Coin Makeover: #Litecoin cheekily declared itself a meme coin, sparking a 15% price
Report Hash Rate High: The network's hash rate hit a record 1.35 PH/s, boosting its security.
Wrapped Litecoin (WLTC): Partnering pic.twitter.com/JcfwPqOuDZ
CoinPapers (@Coinpapersnews) November 18, 2024
3. Litecoin ETF Ambitions
Canary Capital has filed for the first-ever Litecoin ETF, potentially opening the doors for broader institutional investment.
With these milestones, Litecoin is positioning itself as a resilient and evolving player in the crypto market. While potential resistance from breakeven sellers looms, the networks record activity, growing security, and innovative developments suggest Litecoin could maintain its upward momentum. Whether this cycle will see Litecoin reach new highs remains to be seen, but its recent performance has undoubtedly reignited investor interest.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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