Litecoin (LTC) Long-Term Holders Surge Amid Price Fluctuations
After halving, Litecoin has lost more than 32% of its value, sliding from $92 to $62.
Litecoin (LTC) has witnessed a remarkable surge in the number of addresses holding the cryptocurrency for over a year. Despite a consistent drop in LTC's price, the count of long-term holders has nearly doubled in the past year, reaching an impressive five million.
This surge is seen as a testament to the "growing confidence" in the asset, as reported by the crypto analytic platform IntoTheBlock.
The "HODLing" attitude from investors has been particularly robust. Notably, 13% of Litecoin's total supply has remained untouched for five years, indicating a steadfast belief in the asset. This trend became even more pronounced ahead of the halving event, which saw heightened social chatter and search interest surrounding Litecoin.
Litecoin Halving Impact and Price Dynamics
While halvings are typically viewed as events that could drive long-term growth, Litecoin's price took a downturn following the event. Since then, the cryptocurrency has experienced a decrease of over 32%, with its value dropping from $92 to the current $62 after Litecoin Halving. Despite this, Litecoin remains competitive, especially in light of recent regulatory scrutiny on various altcoins.
In the midst of regulatory investigations, Litecoin stands out. It was classified as a commodity in legal action taken against crypto exchange giant Binance. This distinction sets Litecoin apart and highlights its unique standing in the cryptocurrency regulatory landscape.
Meanwhile, Litecoin's network fundamentals remain robust. The network's hash rate and difficulty levels are hovering near all-time highs. This indicates a strong and secure blockchain, bolstering confidence in the asset's long-term potential.
Litecoin Price Analysis
On the technical front, Litecoin's price movements are being closely monitored. Currently trading around $62.31, there is a potential test of support in the near future. If the $62 zone is breached, it may pave the way for further declines, possibly reaching $60.
On a broader scale, traders are keeping a keen eye on the $60 zone, as a sustained drop could lead to a decline to $55.
At the press time, Litecoin is trading at $62.55, down -0.91% in the last 24 hours, with a live market cap of $5B. It has a circulating supply volume of 84,000,000 LTC coins and a maximum supply volume of 84,000,000, with a 24-hour trading volume of $233M.
Source: CoinStats
Conclusion
In conclusion, Litecoin's recent surge in long-term holders, coupled with its distinctive position in the regulatory landscape, showcases its resilience in the face of market fluctuations.
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