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Latest news on Litecoin: 71.5% of the total LTC has been extracted

Today, Litecoin's blockchain project has reached a new milestone as there are now 60 million LTCs minted according to the information provided by Litecoin.com on Medium and LitecoinBlockHalf. The Litecoin algorithm set the LTC limit to be produced at 84 million. The new benchmark of 60 million indicates that approximately 71.5% of all LTCs intended to exist has been extracted. This leaves a total of 24 million left.

Litecoin's division is less than a year away

Furthermore, it should be noted that the mining reward of the Litecoin block is adjusted every 840,000 blocks in a process known as halving. The next halving was estimated around August 8 of this year. This leaves around 208 days until the reward decreases from 25 LTC to 12.5 coins.

The halving of the event will therefore push the next milestone of 70 million LTC mined, towards the middle of 2022. Litecoin.com also provides the following timetable for when the last LTC will be drawn.

It is estimated that the final Litecoin will be extracted in 2142 according to the mathematics of the system, at this point 0.00000042 Litecoin will be the reward of the block.

The LTC expected by Charlie Lee will drop to $ 20

In December 2017 and during the last major launch of cryptocurrencies, the maker of Litecoin (LTC) warned that the digital asset would fall in value to around $ 20. His exact tweet he warned that the value of the digital good would drop by 90%. This was at a time when LTC was growing at around $ 300.

Ok, I'm sorry to spoil the party, but I need to reign a bit of excitement … The purchase of LTC is extremely risky. I expect we will have a multi-year bear market like the one we just had when LTC lost 90% in value (from $ 48 to $ 4). So if you can not handle LTC going down to $ 20, do not buy!

His prediction would be successful when LTC was valued at $ 23 on December 15 and exactly one year later. This was the same day Bitcoin hit a new low around $ 3,200. Litecoin has since rebounded to the current value of $ 32.60 as we complete the second week of 2019. Perhaps with the half-life of LTC in the coming months, its value will increase. Such halving events usually create a "feeling" of scarcity for digital resources.

What are your opinions on the future of Litecoin (LTC)? Let us know in the comments section below.

Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.

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