The first one took place in August 2015, when the number of LTC per block was cut to 25 from the initial 50. Since its launch in October 2011, litecoin has undergone two halving events. Each time litecoin experiences its halving event, its amount of block rewards is cut in half. So, how many litecoins are available? According to data provided by CoinMarketCap as of 2 December, the number of available LTC tokens in total amounted to 84 million, making it a deflationary asset, like bitcoin.Īpproximately every four years or 840,000 mined blocks, the total number of litecoins released into circulation is cut by half in a process otherwise known as halving – something bitcoin also undergoes.Īccording to Morgan Stanley’s Investing in Cryptocurrency report, the point of halving is to create a “supply shock” which will aim to raise the value of the asset.
Since then, however, LTC embarked on a bear trend, losing over 40% of its gains. On, the cryptocurrency reached its all-time high of $387.87, surging by more than 80% from a low of $70 in November 2021, ahead of many other coins, which reached their all-time highs in November 2021.Īfter topping in May 2021, the token fell to $119 by mid-July before surging by 121.2% to $263.31 on 16 November 2021. It’s been affected by the crypto winter, inflationary pressures and the crash of the TerraUSD (UST) stablecoin. However, when looking at the overall LTC to USD chart, the cryptocurrency has fallen by around 47% since the beginning of 2022, from $146 at the start of January to around $76.80 on 2 December. Considering the overall negative trend in crypto markets, this was seen as a commendable move by many in crypto circles. Since dropping to $51.62 on 22 October 2022, LTC has managed to regain over 45% of its value, surging to $76.80 on 2 December 20222. LTC came out on top in November 2022, boosted by optimism over its upcoming third halving event in which 50% of newly minted litecoins will be cut. Try demo Bullish momentum in November 2022 Litecoin is considered to be highly liquid, meaning it can be easily used by a number of merchants and is even accepted by non-profit organisations such as American Red Cross. The algorithm also supports litecoin’s fast transaction speed, allowing for new blocks to be created in 2.5 minutes versus bitcoin’s 10. Scrypt was designed to withstand large-scale, custom-made hardware attacks on the cryptocurrency, making it more secure. The process entails the validation of transactions in the blockchain as well as closing and opening new blocks.
LITECOIN MWEB UPDATE SOFTWARE
Litecoin’s algorithm, called Scrypt, requires specially designed software and hardware for the mining of litecoins. Once those are solved, Litecoin tokens are rewarded to users. The PoW consensus mechanism solves a number of mathematical equations in order to create new litecoins. Similarly to bitcoin, litecoin uses a Proof-of-Work ( PoW) consensus mechanism, however, claims to be able to handle a larger transaction volume than its counterpart. The second oldest cryptocurrency after bitcoin ( BTC) is considered to be one of the very first altcoins, created as a cryptocurrency fork from bitcoin’s open-source code.Īccording to its whitepaper, litecoin is a peer-to-peer digital currency that allows for fast and near-zero cost transactions to anyone in the world. Litecoin was created by former Google ( GOOGL) engineer Charlie Lee in 2011 as a token that could act as "the silver to bitcoin's gold". As of this writing, LTC’s value in the crypto market as an asset for investment has declined to the same level it was back in April 2020.So how many litecoins are there in the world? Here we take a look at LTC circulating supply and what the halving event will mean for the price.
Notably, the cryptocurrency has been consistently losing its value in the market since its peak in May 2021. Plus, it has remained just a means of transaction for the supported merchants.
The token is still running on proof of work and offers no web3 capabilities. It also catered to lower transaction fees and scalability issues.īut, what it failed to bring in was the hype that was needed to turn the state of the altcoin around.Īs it is, Litecoin is barely a competitive chain in the quickly evolving crypto space where blockchains are doing their best to evolve and support web3 functionalities.
LITECOIN MWEB UPDATE UPGRADE
This was a historic upgrade for the Litecoin chain as it introduced the confidentiality feature allowing users to conceal their transaction data. The events unfolded precisely a day after Litecoin activated the MimbleWimble upgrade. Litecoin price investors | Source: TradingView – AMBCrypto
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