Data shows that the number of long-term Litecoin (LTC) holders reaches an impressive 5 million.

Data shows that the number of long-term Litecoin (LTC) holders reaches an impressive 5 million.

The Growing Confidence in Litecoin: Long-Term Holders Reach Five Million

Regardless of the consistent fall in Litecoin’s (LTC) price, the number of addresses holding this fifteenth- largest digital currency for over 12 months has nearly doubled in the past year. This indicates a ” growing confidence” in the asset, as reported by the cryptocurrency analytic platform IntoTheBlock.

A Whole lot of Increase in Long-Term Holders

Five Million addresses now maintain LTC holdings for over a year, marking a whole lot of 96% increase from the 2.55 Million addresses that held the altcoin for a year by August 2022.

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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. Nonetheless, following the halving event, Litecoin’s price went south, experiencing a decrease of over 32% from $92 to the present value of $62. Regardless of this, the cryptocurrency asset may still have a competitive edge.

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Litecoin’s Unique Classification and Network Stability

Although while recent regulatory investigations have negatively influenced the price of numerous altcoins, Litecoin has stood out. It is one of the few altcoins classified as a commodity in the legal action against cryptocurrency exchange giant Binance. In addition, the network hash rate and difficulty are as of now hovering near record-breaking peak levels.

Hot Take: Litecoin’s Long-Term Holder Increase Reflects Growing Confidence Regardless of Price Drops

The whole lot of rise in the number of long-term Litecoin holders showcases a growing confidence in the asset, regardless of its value decline. This indicates that investors are willing to hold onto their LTC holdings for extended periods, potentially expecting future value appreciation. Although 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 cryptocurrency 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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