The number of long-term Litecoin (LTC) holders has nearly doubled in the past year, despite a consistent drop in the cryptocurrency’s price. According to crypto analytic platform IntoTheBlock, there are now five million addresses holding LTC for over 12 months, indicating “growing confidence” in the asset. This represents a 96% increase from the 2.55 million addresses holding LTC for a year by August 2022.
The “HODLing” attitude from investors has been strong, with 13% of Litecoin’s total supply remaining untouched for five years. Market participants have been waiting for the third halving event, which saw miner rewards reduced from 12.5 LTC to 6.25 LTC. Ahead of the halving, Litecoin’s search trend hit a new yearly peak as social chatter around the crypto asset intensified.
However, Litecoin’s price has fallen more than 32% since the halving event, dropping from $92 to the current value of $62. Despite this, Litecoin may have a competitive edge due to recent regulatory investigations into multiple cryptocurrencies. Litecoin is one of the few altcoins to be classified as a commodity in the legal action taken against crypto exchange giant Binance.
Despite the price drop, the network hash rate and difficulty for Litecoin remain near all-time high levels. This indicates strong participation and activity on the network. Overall, the increase in long-term LTC holders suggests that there is still confidence in Litecoin as an Investment, even in the face of price volatility..
#LongTerm #Litecoin #LTC #Holders #Count #Hits #Million #Data
The “HODLing” attitude from investors has been strong, with 13% of Litecoin’s total supply remaining untouched for five years. Market participants have been waiting for the third halving event, which saw miner rewards reduced from 12.5 LTC to 6.25 LTC. Ahead of the halving, Litecoin’s search trend hit a new yearly peak as social chatter around the crypto asset intensified.
However, Litecoin’s price has fallen more than 32% since the halving event, dropping from $92 to the current value of $62. Despite this, Litecoin may have a competitive edge due to recent regulatory investigations into multiple cryptocurrencies. Litecoin is one of the few altcoins to be classified as a commodity in the legal action taken against crypto exchange giant Binance.
Despite the price drop, the network hash rate and difficulty for Litecoin remain near all-time high levels. This indicates strong participation and activity on the network. Overall, the increase in long-term LTC holders suggests that there is still confidence in Litecoin as an Investment, even in the face of price volatility..
#LongTerm #Litecoin #LTC #Holders #Count #Hits #Million #Data
