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.
— IntoTheBlock (@intotheblock) September 7, 2023
- 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.