🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

13% of Litecoin (LTC) Supply Has Remained Dormant for Years: Report

Published 2023-07-04, 11:40 a/m
13% of Litecoin (LTC) Supply Has Remained Dormant for Years: Report
XAG/USD
-
SI
-
BTC/USD
-
LTC/USD
-

U.Today - IntoTheBlock on-chain data vendor has tweeted curious data about the "digital silver," Litecoin (LTC). It turns out that in the run-up to the upcoming halvening, some wallets have been holding 13% of the circulating LTC supply unmoved for five years.

IntoTheBlock analysts believe that the reasons for this could be "unwavering confidence," or they could be lost LTC coins.

The LTC halving will take place on Aug. 2 this year; with a block reward to be cut down by half, it will constitute 6.25 LTC instead of the 12.5 it stands at now.

Ten days ago, as reported by U.Today, the anonymous cryptocurrency DASH also completed a halving. The same important event for Bitcoin is coming next year in April-May. Halvings occur for proof-of-work cryptocurrencies every four years, programmed by their creators. They allow keeping coins deflationary as the number of them that hits the market shrinks every four years, and the price may potentially go up on this.

Recently, LTC also witnessed a spike in hashrate. In May, also ahead of the upcoming halving, Litecoin saw a massive increase in . Besides, LTC addresses that hold 0.001 LTC began quickly growing in number.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.