Five million addresses have held Litecoin for over 12 months.
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.
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.