- LTC’s long-term holders reach 5 million, up 96% in a year.
- Despite price fluctuations, investor confidence in LTC is growing.
- Litecoin stands out amid regulatory challenges, classified as a commodity.
Despite Litecoin’s (LTC) price fluctuations, a remarkable increase in long-term holders of the cryptocurrency has been observed over the past year. According to data from crypto analytics platform IntoTheBlock, the number of addresses holding LTC for over 12 months has reached a significant milestone.
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In detail, this number has hit five million this week. This marks a substantial 96% surge from the 2.55 million addresses recorded in August 2022. Therefore, this indicates a growing confidence in the digital asset.
In particular, Litecoin’s ‘HODLing’ culture among investors has remained robust. In fact, about 13% of the total LTC supply remains untouched for five years. Many participants in the market eagerly awaited the third halving event, which occurred just before the surge in long-term holders.
While halving events are typically seen as potential catalysts for long-term growth, Litecoin’s price experienced a decline following the halving. Specifically, it dropped from $92 to its current value of $62, representing a 32% decrease. Despite this, Litecoin appears to have maintained a competitive edge.
The crypto landscape has been marked by regulatory scrutiny, impacting the prices of various altcoins. In contrast, Litecoin stood out as it was classified as a commodity in a legal case involving the crypto exchange giant Binance, potentially insulating it from some regulatory challenges.
Furthermore, Litecoin’s network hash rate and difficulty levels have remained close to all-time highs, highlighting its robustness and ongoing mining activity. These factors, along with the growing number of long-term holders, suggest that Litecoin may continue to be an interesting crypto to watch in the ever-evolving digital asset market.
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