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Despite a steady decline in the price of Litecoin (LTC), the quantity of addresses holding the fifteenth-largest cryptocurrency for more than 12 months has nearly doubled over the last year.
As reported by the crypto analytics platform IntoTheBlock, the number of long-term LTC holders reached five million this week, suggesting a “growing confidence” in the asset.
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- The five million addresses retaining LTC for over a year represents a notable 96% increase from the 2.55 million addresses that held the altcoin for a year as of August 2022.
- The “HODLing” mentality among investors has remained robust, as evidenced by the fact that 13% of Litecoin’s total supply has remained untouched for five years, with market participants awaiting the third halving event.
- In anticipation of the halving that reduced miner rewards from 12.5 LTC to 6.25 LTC, Litecoin’s search interest also reached a new annual high as social discussions surrounding the cryptocurrency increased.
- While halvings are typically perceived as events that could propel the native token of the network in the long run, Litecoin’s price post-event, however, experienced a downturn.
- Since that time, Litecoin has lost over 32%, dropping from $92 to its current price of $62. Nonetheless, the cryptocurrency may possess a competitive advantage.
- Recent regulatory scrutiny of various cryptocurrencies has negatively impacted the prices of several altcoins.
- However, Litecoin distinguished itself as one of the few altcoins classified as a commodity in the legal proceedings against the crypto exchange giant Binance.
- At the same time, the network’s hash rate and difficulty were hovering near all-time high levels.
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