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HomeCrypto AnalysisThe Number of Long-Term Litecoin Holders Doubles

The Number of Long-Term Litecoin Holders Doubles

Despite a continuous decline in the price of Litecoin (LTC), the number of addresses holding the world’s fifth-largest digital currency for over 12 months has nearly doubled in the past year.

According to the cryptocurrency analytics platform IntoTheBlock, the number of long-term LTC holders reached five million this week, indicating a “growing confidence” in the asset.

This marks a significant increase of 96% from the 2.55 million addresses that held the altcoin for a year by August 2022.

Growing Confidence in LTC

Investor confidence in LTC remains strong, with 13% of Litecoin’s total supply remaining untouched for five years as market participants awaited the third halving event.

Prior to the halving, which reduced miner rewards from 12.5 LTC to 6.25 LTC, Litecoin’s search trend reached a new yearly peak as social discussions surrounding the digital asset intensified.

Although halvings are typically viewed as factors that could drive the native token of the network in the long term, Litecoin’s price has dropped by over 32% since then, falling from $92 to its current value of $62. Nevertheless, the digital asset may still possess a competitive edge.

Rising Regulatory Investigations

Recent regulatory investigations have adversely affected the prices of many digital currencies. However, Litecoin stands out as one of the few altcoins classified as a commodity in legal action taken against the cryptocurrency exchange giant, Binance.

Meanwhile, the network’s hash rate and difficulty levels remain near all-time highs.

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As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

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