Irrespective of the persistent slump in the price of Litecoin (LTC), the addresses holding the token are increasing in number. The number of such addresses has reportedly reached nearly double throughout the last year. As per IntoTheBlock (a well-known crypto analytic firm), the long-term Litecoin holders’ number has reached the figure of up to 5M this week.
Number of Long-Term LTC Holders Touches 5M
The respective increase in the holders points toward an increasing confidence in the respective asset. 5M addresses maintaining holdings in the LTC coin for more than a year indicating a huge 96% elevation. In comparison with this, just 2.55M addresses held the respective asset back in August last year. The positive attitude that the holders are showing in the case of Litecoin signifies their strong faith in it.
Another notable thing is that the cumulative supply of Litecoin remained untouched throughout the previous 5 years. In the meantime, the market members reportedly waited for the 3rd halving event. The event of halving focuses on decreasing the rewards for miners from 12.5 LTC tokens to just 6.25 LTC tokens.
Despite Regulatory Headwinds, Litecoin Maintains Its Position
Before that, the search trend of Litecoin had also touched an exclusive annual high. The halving events normally play the role of catalysts to drive the network’s token for the long term. Even then, the price of Litecoin went south after the event. The LTC token has seen a dip of above 32% since that time. It plunged from the $92 mark to its present value of up to $62.
Recent regulatory probes into diverse crypto assets have hurt the price of several altcoins. Nevertheless, Litecoin remained among a few tokens that fall in the category of commodities in recent legal action against Binance. In the meantime, the difficulty and the hash rate of the network soared close to the all-time high spots.
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