Litecoin, also known as the “Silver to Bitcoin Gold,” has just crossed a major threshold. The circulating supply of virtual currency has exceeded 75 million pieces, and is gradually approaching the hard cap of 84 million pieces.
This milestone comes amid a notable uptick in Litecoin’s market performance. Over the past week, LTC has increased in value by 7.5%, and over the past 14 days it has increased by an even more impressive 12.4%.
Despite a modest 1% increase over the past month, these numbers suggest increased interest in LTC.
ICYMI: The circulating supply of Litecoin has just surpassed 75 million coins. The maximum total supply of Litecoin is limited to 84 million. 🧵
— Litecoin (@litecoin) September 23, 2024
Long road to 84 million Litecoin
While 75 million may seem close to the finish line, Litecoin’s unique issuance schedule means the road to 84 million is a long journey.
“The last Litecoin, or more precisely the last Litecoin, will be mined until around 2142,” Litecoin tweeted. This extended schedule is due to Litecoin’s halving mechanism, which reduces block rewards by 50% approximately every four years.
The next halving event is scheduled for late July 2027, which will further slow down the rate of new coin issuance. This scarcity model is designed to create a deflationary effect over time, similar to Bitcoin.
Currently, Litecoin ranks 25th in the cryptocurrency rankings and has a market capitalization of $5 billion. Although impressive, it is far from the all-time high of $410.26 hit on May 10, 2021. Today’s price has fallen 83.5% from that peak.
But long-term holders have reason to smile. Compared to its all-time low of $1.15 on January 14, 2015, Litecoin has gained an impressive 5,792.3%.
As Litecoin approaches its maximum supply, questions arise about its future utility and value proposition.
