The cryptocurrency market has witnessed the rise and evolution of many currencies, with Litecoin being one of the standouts. The story of Litecoin's development over 12 years and its most influential wallets is fascinating. The coin, often termed as "the silver to Bitcoin's gold," operates on a proof-of-work blockchain and has a history that spans over a decade.
Litecoin's Major Players: The Dominant Wallets
Litecoin marked its 12-year anniversary from the date it was founded by Charlie Lee on October 13, 2011. The digital currency network recently underwent its third reward halving, which means miners now earn 6.25 LTC for every block they mine. As of October 15, 2023, Litecoin has a market capitalization of approximately $4.55 billion, making it the 15th most significant player in the world of cryptocurrency. Currently, there are about 73,762,420 LTC in circulation, nearing its maximum cap of 84,000,000 LTC.
Throughout the 12-year evolution, 7.14 million unique Litecoin addresses hold LTC. Interestingly, the top ten wallets hold 12.67% of the total available supply. The leading wallet, "M8T1B," owns a remarkable 2,504,667 LTC, which makes up 2.98% of the total coins. Following closely is "ltc1q" with control over 2.65% of the entire LTC supply, translating to 2.22 million tokens. The third spot is held by "MQd1f" with 1.34 million coins, making up 1.6% of the supply. Meanwhile, "ltc1q" seizes the fourth position, owning 1.09 million LTC, or a 1.31% share.
The Distribution of Litecoin: A Closer Look
The fifth, sixth, and seventh spots are respectively secured by the wallets "ltc1q" (927,542 LTC), "MQSs1" (745,000 LTC), and "MB8nn" (513,259 LTC), each holding over 500,000 LTC. "MFULd" holds the eighth position, accounting for 0.56% of the current supply with 472,674 LTC. Close behind in the ninth place is "MESru," holding 416,688 LTC, or 0.5% of circulating coins. Completing the top ten is "LZEjc," owning 393,258 LTC or 0.47% of the available Litecoin supply.
Delving deeper into the Litecoin hierarchy, the next ten wallets hold about 3.74% of the total supply, with the top 20 wallets securing 16.41%. The upper crust of 50 LTC wallets controls 27.14% of all LTC, and the top 100 wallets collectively hold 37.64%. Out of the vast pool of 73.76 million LTC, these top 100 wallets command around 27 million tokens.
Comparative Analysis of Litecoin with Bitcoin and Other Cryptocurrencies
In comparison with Bitcoin, Litecoin falls slightly behind; the top 100 Bitcoin wallets hold 13.64% of its circulating supply. However, when compared with XRP, LTC's top 100 wallets are more aligned, given that XRP's top 100 holders control 33.14% of the supply. In contrast, the top ten Solana wallets hold an impressive 32.99% of its total supply. At present, Litecoin boasts of 458 millionaires within its community, with 82 accounts each holding $10 million or more. Approximately 2.3 unique addresses contain just $1 in Litecoin.
As the crypto industry continues to grow and evolve, the role and influence of Litecoin and its leading wallets will undoubtedly remain a subject of interest and discussion. The distribution of coins among the top wallets and the comparison with other leading cryptocurrencies offer a deeper insight into the structure and dynamics of the Litecoin network.
Frequently Asked Questions
What's the advantage of a Gold IRA?
A gold IRA has many benefits. It is an investment vehicle that can diversify your portfolio. You have control over how much money goes into each account.
Another option is to rollover funds from another retirement account into a IRA with gold. This will allow you to transition easily if it is your decision to retire early.
The best thing is that investing in gold IRAs doesn't require any special skills. They're available at most banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
There are, however, some drawbacks. Gold is known for being volatile in the past. It is important to understand why you are investing in gold. Are you seeking safety or growth? Is it for security or long-term planning? Only once you know, that will you be able to make an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
A small amount is sufficient if you plan to sell your gold. You can even manage with one ounce. You won't be capable of buying anything else with these funds.
What is a Precious Metal IRA and How Can You Benefit From It?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion is often used to refer to precious metals. Bullion refers to the actual physical metal itself.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. You also have unlimited access to your funds whenever and wherever you wish.
Can I hold a gold ETF in a Roth IRA?
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
A Individual Retirement Annuity is also possible. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
bbb.org
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example and Risk Metrics
finance.yahoo.com
How To
Investing in gold or stocks
Gold investing as an investment vehicle can seem extremely risky these days. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief is due to the fact that many people see gold prices dropping because of the global economy. They fear that investing in gold will result in a loss of money. In reality, however there are still many significant benefits to gold investing. Let's take a look at some of the benefits.
Gold is one of the oldest forms of currency known to man. There are records of its use going back thousands of years. It is a valuable store of value that has been used by many people throughout the world. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. It is important to determine the price per gram you are willing and able to pay for gold bullion. If you don't know your current market rate, you could always contact a local jeweler and ask them what they think the price is.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. So, although gold prices have declined in recent years, the cost of producing it has not changed.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. This is not a wise decision if you're looking to invest in long-term assets. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only then can informed decisions be made.
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By: Jamie Redman
Title: Unfolding the Journey of Litecoin and the Dominance of its Top Wallets
Sourced From: news.bitcoin.com/the-12-year-evolution-of-litecoin-and-its-most-influential-wallets/
Published Date: Sun, 15 Oct 2023 22:30:09 +0000
