Litecoin, often dubbed the “silver to Bitcoin’s gold,” has just crossed a major threshold. The cryptocurrency’s circulating supply has surpassed 75 million coins, inching closer to its hard cap of 84 million.
This milestone comes as Litecoin experiences a notable uptick in its market performance. Over the past week, LTC has seen a 7.5% increase in value, with a more impressive 12.4% gain over the last 14 days.
Despite a more modest 1% rise over the past month, these figures suggest growing interest in LTC.
ICYMI: The circulating supply of Litecoin just past the 75 million mark! With the maximum total supply of Litecoin capped at 84 million. 🧵
— Litecoin (@litecoin) September 23, 2024
The Long Road to 84 Million Litecoin
While 75 million might seem close to the finish line, Litecoin’s unique issuance schedule means the journey to 84 million will be a long journey.
“The final Litecoin – or more accurately, the final litoshi – isn’t expected to be mined until around 2142,” a Litecoin tweeted. This extended timeline is due to Litecoin’s halving mechanism, which reduces the block reward by 50% approximately every four years.
The next halving event is slated for late July 2027, further slowing the rate of new coin issuance. This scarcity model, similar to Bitcoin’s, is designed to create a deflationary effect over time.
Currently, Litecoin holds the 25th spot in the crypto rankings with a market cap of $5 billion. While impressive, it’s a far cry from its all-time high of $410.26 reached on May 10, 2021. Today’s price represents an 83.5% drop from that peak.
However, long-term holders have reason to smile. Compared to its all-time low of $1.15 set on January 14, 2015, Litecoin has seen a staggering 5,792.3% increase.
As Litecoin approaches its maximum supply, questions arise about its future utility and value proposition.
Source: https://www.cryptonewsz.com/litecoin-hits-milestone-75-million-ltc/