75% Of Litecoin Holders Reap Profits Amidst Market Volatility
The crypto market has been in a red wave since April, with Litecoin standing out among the top 100 assets due to its classification as a commodity by the Commodity Futures Trading Commission (CFTC).
Previously part of the top 10 crypto by market cap, Litecoin has faced setbacks but is now ranked at the 19th spot.
IntoTheBlock’s latest findings show that Litecoin’s performance has been driven by a move that has resulted in 75% of LTC holders currently sitting on profits.
The crypto analytic platform is focusing on a key on-chain resistance at around the $150 threshold, which has been marked by the acquisition of 8.16 million LTC held by 590,000 addresses.
Litecoin has outpaced other altcoins in terms of market rebound, with on-chain transaction volume on the network spiked as the price topped at the end of March.
The CFTC and SEC continue to battle for control over crypto regulation, but the former recently categorized Litecoin as a commodity in a legal dispute involving the crypto exchange KuCoin.
This move exempted the crypto from the SEC’s oversight, which imposes stricter regulations on coin issuers regarding securities.
(With inputs from Shikha Singh)
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