Today, the blockchain project of Litecoin reached a new milestone as there are now 60 Million LTC minted as per information provided by Litecoin.com on Medium and LitecoinBlockHalf. The Litecoin algorithm has set the limit of LTC to be produced at 84 Million. The new benchmark of 60 Million signifies that approximately 71.5% of all LTC meant to exist has been mined. This leaves a total of 24 Million left.
Litecoin’s Halving Is Less Than A Year Away
Also to note, is that the Litecoin block mining reward is adjusted every 840,000 blocks in a process popularly known as halving. The next halving has been estimated to occur around the 8th of August this year. This leaves approximately 208 days till the coin reward for each block decreases from 25 LTC to 12.5 coins.
The halving event will thus push the next milestone of 70 Million LTC mined, to around the mid 2022. Litecoin.com also gives the following time-frame as to when the last LTC will be mined.
The final Litecoin is estimated to be mined sometime in 2142 according to the mathematics of the system, at this point 0.00000042 Litecoin will be the block reward.
Charlie Lee Predicted LTC Will Drop to $20
Back in December 2017 and during the last great crypto bull-run, the creator of Litecoin (LTC) warned that the digital asset would plummet in value to around $20. His exact tweet warned that the digital asset’s valued would drop by 90%. This was at a time when LTC was soaring at around $300.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit… Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!
His prediction would come to fruition when LTC was valued at $23 on the 15th of December and exactly a year later. This was the same day Bitcoin hit a new low around $3,200. Litecoin has since bounced to its current value of $32.60 as we complete the second week of 2019. Perhaps with the halving of LTC in the next few months, its value will increase. Such halving events usually create a ‘feeling’ of scarcity for digital assets.