Long-Term Litecoin (LTC) Holders Count Hits 5 Million: Data

Despite a consistent drop in Litecoin’s (LTC) price, the number of addresses holding the world’s fifteenth-largest cryptocurrency for over 12 months has nearly doubled in the past year.

According to the crypto analytic platform IntoTheBlock, the number of long-term LTC holders has just hit five million this week, indicating “growing confidence” in the asset.

• Five million addresses maintaining LTC holdings for over a year marked a significant 96% increase from the 2.55 million addresses that held the altcoin for a year by August 2022.

• The “HODLing” attitude from investors has been typically strong and can be evidenced by the fact that 13% of Litecoin’s total supply remained 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.
• While halvings are usually viewed as catalysts that could drive the native token of the network in the long term, Litecoin’s price following the event, however, went south.
• Since then, Litecoin has shed more than 32%, falling from $92 to the current value of $62. Nevertheless, the crypto asset might have a competitive edge.
• Recent regulatory investigations into multiple cryptocurrencies have adversely affected the price of various altcoins.
• Litecoin, however, stood out as one of the few altcoins to be classified as a commodity in the legal action taken against crypto exchange giant Binance.
• Meanwhile, the network hash rate and difficulty were hovering near the all-time high levels.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.