The Growing Confidence in Litecoin: Long-Term Holders Reach Five Million
Despite the consistent drop in Litecoin’s (LTC) price, the number of addresses holding this fifteenth-largest cryptocurrency for over 12 months has nearly doubled in the past year. This indicates a “growing confidence” in the asset, as reported by the crypto analytic platform IntoTheBlock.
A Significant Increase in Long-Term Holders
Five million addresses now maintain LTC holdings for over a year, marking a significant 96% increase from the 2.55 million addresses that held the altcoin for a year by August 2022.
Litecoin’s Milestone and Intensified Social Chatter
Litecoin reached a major milestone this week. The number of long-term $LTC holders has just hit 5 million — signaling growing confidence in the asset.
untouched for five years, and market participants waited for the third halving event.Ahead of the halving that cut miner rewards from 12.5 LTC to 6.25 LTC, Litecoin’s search trend also hit a new yearly peak as social chatter around the crypto asset intensified.
The Impact of Litecoin’s Halving and Price Movement
Halvings are usually viewed as catalysts that could drive the native token of the network in the long term. However, following the halving event, Litecoin’s price went south, experiencing a decrease of over 32% from $92 to the current value of $62. Despite this, the crypto asset may still have a competitive edge.
Litecoin’s Unique Classification and Network Stability
While recent regulatory investigations have negatively affected the price of various altcoins, Litecoin has stood out. It is one of the few altcoins classified as a commodity in the legal action against crypto exchange giant Binance. Additionally, the network hash rate and difficulty are currently hovering near all-time high levels.
Hot Take: Litecoin’s Long-Term Holder Increase Reflects Growing Confidence Despite Price Drops
The significant rise in the number of long-term Litecoin holders showcases a growing confidence in the asset, despite its price decline. This indicates that investors are willing to hold onto their LTC holdings for extended periods, potentially expecting future value appreciation. While the recent halving event and regulatory investigations have impacted Litecoin’s price, its classification as a commodity and strong network stability position it competitively in the crypto market. It will be interesting to observe how Litecoin’s long-term holders navigate the volatile market and whether their confidence in the asset will pay off in the future.
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