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‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day

Crypto markets are rallying today as traders reassess the risks of crypto asset management firm Genesis going under. Bitcoin (BTC) posted a 5% gain in the last 24 hours...
‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day © Reuters ‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day
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Crypto markets are rallying today as traders reassess the risks of crypto asset management firm Genesis going under. Bitcoin (BTC) posted a 5% gain in the last 24 hours and traded above $16,000 after hitting its two-year low yesterday.

However, the rally does not mean that traders are ready to take reckless risks. The markets are now looking for stability, and they are turning to Litecoin (LTC). The digital asset dubbed “Digital Silver” has taken a huge leap of 28% over 24 hours.

The week has been great for Litecoin as well. The Bitcoin fork is up 37% over the last seven days. As the crypto markets were in turmoil, Litecoin was the biggest winner. The proof-of-work coin is now the world’s thirteenth-largest cryptocurrency by market capitalization.

The FTX collapse and the potential contagion from it are spreading mistrust toward centralized projects. Investment bank JPMorgan (NYSE:JPM) pointed out that the recent crypto collapses were all centralized entities: Three Arrows Capital, Terra-Luna, and FTX.

Moreover, tokens that are closely tied to certain companies are at a greater risk of contagion from FTX than decentralized coins. Litecoin, on the other hand, has all the features of a decentralized protocol.

Litecoin – Digital Silver and DOGE Relative

Litecoin is often referred to as “Digital Silver” due to its similarity to Bitcoin, which is known as “Digital Gold.”

Created in 2011 by developer Charlie Lee as a more scalable alternative to Bitcoin, Litecoin also uses a proof of work algorithm.

The difference is that transactions on the Litecoin network are faster and cheaper. Moreover, a recent network upgrade allows users to conceal their transaction data, which greatly improves the privacy of transactions.

Litecoin’s founder is still working on the project. However, he sold all his holdings in Litecoin in 2017, citing conflicts of interest.

In 2013, Billy Marcus forked Litecoin to create the meme-crypto Dogecoin. Litecoin and Dogecoin are similar in many regards, but there are some major differences. Litecoin supply is capped at 84 million. The supply of Dogecoin is uncapped.

On the Flipside

  • Litecoin’s PoW protocol could put it in the crosshairs of regulators aiming to reduce the carbon footprint of digital currencies.

Why You Should Care

The Litecoin rally shows a shift in market sentiment away from “moonshots” and towards more stable and reliable projects.

Learn about the Litecoin upgrade:

Litecoin Activates the MimbleWimble (MWEB) Upgrade, LTC Surges

Exchanges delist Litecoin after privacy-focused upgrade:

Crypto Flipsider News – Exchanges Delist Litecoin

See original on DailyCoin

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

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USD/JPY

157.91

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AUD/USD

0.6469

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USD/CAD

1.3780

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Copper Futures

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Crude Oil WTI Futures

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DAX

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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15.010

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
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(0/ 0) # 1,510
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SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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