In a milestone achievement, Litecoin has announced that 71.5% of the total number of LTC’s in the market have been minted. The first reporting of this news was done by Litecoin’s Medium and LitecoinBlockHalf.
The hard cap that was set by the Litecoin algorithm is at 84 million. With 71.5% minted, that leaves only 24 million LTC’s left.
LTC’s Halving Around the Corner
Another important event that is coming up for Litecoin is that their halving is also around the corner. The Litecoin’s mining reward is readjusted every once in a while. The readjustment takes place after every 840,000 blocks.
The readjustment essentially changes the mining reward. And as the name suggests, the mining reward is halved. According to predictions that are doing the rounds in cryptocurrency media and community circles, the next halving event is to take place in August this year.
The predicted date for the next round of halving is on the 8th of August, 2019. The current reward for mining is set at 25LTC and after their halving round, the mining reward is supposed to go down to 12.5LTC.
LTC Performs Regardless of Public Opinion
Litecoin is one of the more popular coins in the cryptocurrency market. While that means it has quite a large following in the community, it also means that the coin and its team attract a lot of criticism.
In the case of Litecoin, it has always been considered a cheap market version of the Bitcoin. And has been repeatedly slammed for having little to no originality. This is because the coin is very similar to the king of the cryptocurrency market and offers mostly the same services but at a lesser price.
This year, Litecoin was further slammed in the Weiss Ratings for 2019. In which, the research tank said that coins like Litecoin, which lack originality and innovation, will become obsolete. And will pave the way for the other cryptocurrencies in the market that actually have original innovation at the heart of their product.
The Litecoin has also been repeatedly dissed by many industry figures for the same reason. Including the likes of Charlie Lee, who went on record to say that LTC is actually a risky investment. He made these statements in 2017 December when the entire cryptocurrency market was benefitting off the Bitcoin bull.
However, with the coin’s recent announcement, so far the coin seems to be doing okay. And impending halving events do tend to increase value in the market. Whether the same will happen for Litecoin remains to be seen.
Litecoin is currently trading at $32.30 USD.
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