The sphere of cryptocurrency has witnessed the steady evolution of Litecoin, often referred to as the 'silver to bitcoin's gold.' Emerged from the proof-of-work blockchain, Litecoin has been forging its path for over 12 years. This article takes a closer look at the top ten influential Litecoin (LTC) wallets among the 7.14 million unique LTC-holding addresses.
Litecoin's Dominant Players: Top Wallets in Action
Litecoin marked its 12th anniversary on October 13, 2023, after its inception by Charlie Lee in 2011. The digital currency network has recently experienced its third reward halving, resulting in miners now gaining 6.25 LTC for every mined block. As of October 15, 2023, with a market cap of nearly $4.55 billion, LTC stands as the 15th heavyweight in the cryptocurrency sphere. Currently, approximately 73,762,420 LTC are in circulation, coming close to its max cap of 84,000,000 LTC.
Throughout its 12-year journey, 7.14 million unique Litecoin addresses hold LTC. Interestingly, the top ten wallets control 12.67% of the total available stash. The reigning champion, "M8T1B," holds a staggering 2,504,667 LTC, comprising 2.98% of the total coins. Not far behind is "ltc1q" with control over 2.65% of the entire LTC pie, amounting to 2.22 million tokens. The third position is held by "MQd1f" with 1.34 million coins, a 1.6% share. Concurrently, "ltc1q" secures the fourth spot, holding 1.09 million LTC, or a 1.31% piece.
Unraveling the Hierarchy of Litecoin Wallets
The wallets "ltc1q" (927,542), "MQSs1" (745,000), "MB8nn" (513,259) respectively grab the fifth, sixth, and seventh spots, each holding over 500,000 LTC. "MFULd" secures the eighth position, holding 472,674 LTC, accounting for 0.56% of the current supply. Following closely in the ninth position is "MESru," holding 416,688 LTC, which equals 0.5% of circulating coins. Completing the top ten, "LZEjc" claims 393,258 LTC or 0.47% of the available Litecoin supply.
Probing further into the Litecoin hierarchy, the subsequent ten wallets hold approximately 3.74% of the total supply, with the top 20 wallets securing 16.41%. In addition, the elite group of 50 LTC wallets rules over 27.14% of all LTC, and the top 100 wallets collectively amass 37.64%. Out of the immense pool of 73.76 million LTC, these top 100 wallets command about 27 million tokens.
Comparing Litecoin Wallet Dominance with Other Cryptocurrencies
Compared to Bitcoin (BTC), Litecoin falls short; BTC's top 100 wallets secure 13.64% of its circulating supply. However, juxtaposed with XRP, LTC's top 100 seems more aligned, since XRP's top 100 holders grasp 33.14%. On the other hand, the top ten Solana (SOL) wallets control an impressive 32.99% of its total supply. At present, Litecoin boasts 458 millionaires within its community, with 82 accounts each amassing $10 million or more. Around 2.3 unique addresses contain merely $1 in Litecoin (LTC).
What are your thoughts about the dominance of the top ten Litecoin wallets? We would love to hear your insights on this subject.
Frequently Asked Questions
How much do gold IRA fees cost?
The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type of IRA has its own rules and requirements. You may be required to pay taxes on earnings earned from investments that aren’t tax-deferred. Also, consider how long the money will be kept. You will save money if you intend to keep your funds longer than a Roth IRA.
A traditional IRA lets you contribute up to $5,500 each year ($6,500 if your age is 50+). A Roth IRA gives you the ability to contribute unlimited amounts per year. The difference between them? With a traditional IRA, the money can be withdrawn at your retirement without tax. On the other hand, you’ll owe taxes on any withdrawals made from a Roth IRA.
What is the difference between a gold and silver IRA?
A gold and silver IRA allows you to invest in precious metals, such as gold and silver, without paying taxes on any gains. They are a good investment option for those who wish to diversify their portfolios.
If you are over 59 1/2, income tax is not due on the interest earned from these accounts. The appreciation of the account’s value does not trigger capital gains tax. This account has a limit on how much you can put in. The minimum amount you can put into this account is $10,000. You can’t invest if you’re younger than 59 1/2. The maximum annual contribution is $5,500.
If you die prior to retirement, your beneficiaries may not receive the full amount. Your estate should contain sufficient assets to cover your account’s remaining balance after paying any other expenses.
Some banks offer a gold or silver IRA option, while others require that you open a regular brokerage account where you can buy certificates or shares.
Can I have gold in my IRA.
The answer is yes Gold can be added to your retirement plan. Because gold doesn’t lose its value over time, it is an excellent investment. It also protects against inflation. It doesn’t come with taxes.
It’s important to understand the differences between gold and other investments before investing in it. You cannot purchase shares of gold companies like bonds and stocks. You cannot also sell them.
Instead, you should convert your gold to cash. This means that you must get rid of your gold. It is not possible to keep it.
This makes gold different from other investments. As with other investments you can always make a profit and sell them later. That’s not true with gold.
The worst part is that you cannot use your gold to secure loans. For example, if you take out a mortgage, you may give up some of your gold to cover the loan.
So what does this mean? It’s not possible to keep your gold for ever. You will have the need to make it cash someday.
There’s no need to be concerned about this right now. All you have to do is open an IRA account. Then, you are able to invest in gold.
What type of IRA is best?
The most important thing when choosing an IRA for you is to find one that fits within your goals and lifestyle. Consider whether you are looking to maximize tax-deferred growth, minimize taxes and pay penalties later, avoid taxes, or both.
The Roth option can be a smart choice if your retirement savings are limited and you don’t have any other investments. It’s also worth considering if your plan is to work after the age of 59 1/2.
If you plan to retire early, the traditional IRA might make more sense because you’ll likely owe taxes on the earnings of those funds. But if you’re going to work well past age 65, the Roth IRA might make more sense since it allows you to withdraw some or all of your earnings without paying taxes.
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold’s 99.5% purity standard. (forbes.com)
- The maximum yearly contribution to an individual’s IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Silver must be 99.9% pure • (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
External Links
en.wikipedia.org
investopedia.com
takemetothesite.com
regalassets.com
How To
How to Open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. Because they offer higher returns than traditional investments such as stocks and bonds, they are very popular. It is worth your time to research and plan before you invest in precious metals. Here are the basics to help you open your precious metal IRA account.
There are two main types of precious metal accounts: physical precious metals accounts and paper gold and silver certificates (GSCs). Each type comes with its own set of advantages and disadvantages. GSCs offer easy access and trade, while physical precious metals accounts provide diversification benefits. Continue reading to learn more about each of these options.
Physical precious metals accounts consist of coins, bars, and bullion. Although this option can provide diversification benefits, there are some drawbacks. For instance, the costs associated with buying, storing, and selling precious physical metals are quite expensive. Their large size makes it difficult to transport them between locations.
The silver and paper gold certificates are also relatively affordable. Additionally, they can be easily traded online and accessible. This makes them ideal for people who don’t want to invest in precious physical metals. But they don’t offer as much diversification as their physical counterparts. Because they are supported by government agencies such the U.S. Mint the value of these assets may decrease if inflation rates increase.
If you open a precious metal IRA, choose the right account for your financial situation. The following are important factors to consider before opening an IRA.
- Your risk tolerance level
- Your preferred asset allocation strategy
- What time do you have available to invest?
- No matter if you intend to use the funds in short-term trading.
- Which tax treatment would you prefer?
- Which precious metal would you like to place your money in?
- How liquid is your portfolio?
- Your retirement age
- Where you’ll store your precious metals
- Your income level
- Current savings rate
- Your future goals
- Your net worth
- Any other special circumstances that may impact your decision
- Your overall financial situation
- Your preference between paper and physical assets
- Your willingness to accept risks
- Your ability to deal with losses
- Your budget constraints
- Financial independence is what you want
- Your investment experience
- Your familiarity with precious and rare metals
- Your knowledge about precious metals
- Your confidence in the economy
- Your personal preferences
After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These companies can also be found online, through word-of mouth or referrals.
Once you’ve opened your precious metal IRA, you’ll need to determine how much money you want to put into it. Every precious metal IRA account will have a different minimum initial deposit amount. Some accounts will only accept $100, others will allow for you to invest as high as $50,000.
As stated above, the amount of money invested in your precious metal IRA is completely up to you. A larger initial deposit is better if you are looking to build wealth over a longer period of time. However, a smaller initial deposit might work for you if your goal is to invest less money each month.
You have many options when it comes to the type of investments you can make. The most common include:
- Bullion bars, rounds and coins in gold – Gold
- Silver – Rounds and coins
- Platinum – Coins
- Palladium – Round and bar forms
- Mercury – Round and bar forms
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By: Jamie Redman
Title: Unveiling the 12-Year 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
