$93,424.00
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0.63%$0.999991
0.01%$0.180579
0.28%$0.727651
3.17%$0.247054
0.60%$1,762.17
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9.85%$14.98
0.17%$22.31
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3.07%$9.23
1.75%$0.00001352
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2.69%$2,116.85
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0.00%$352.27
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2.96%$83.41
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3.75%$51.29
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0.66%$23.18
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2.14%$0.24834
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1.85%$0.00001547
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-1.05%Reading
Earlier today, it was Bitcoin Cash—now, it's Litecoin.
The two cryptocurrencies have received renewed interest from investors since Wall Street-backed EDX Markets listed them last week.
Both were arguably fading into obscurity but are now soaring—especially Litecoin, which just reentered the top 10 biggest digital assets by market cap.
The Bitcoin fork is up 23.6% in the past 24 hours, according to CoinGecko, trading hands for $104.63. That makes it one of the best-performing digital assets right now.
And in the past seven days, it has shot up by 15% in value, meaning that it has regained its spot in the top 10 digital assets, with a market cap of $7.7 billion.
One likely reason for the renewed interest in Litecoin is that it's one of just four cryptocurrencies chosen by the Citadel Securities and Fidelity-backed EDX Markets to trade on its exchange. This is because—along with Bitcoin, Bitcoin Cash, and Ethereum—regulators are unlikely to target it for being an unregistered security, experts told Decrypt.
The U.S. Securities and Exchange Commission this year has launched a tough crackdown on the crypto industry—particularly coins and tokens it considers unregistered securities.
EDX CEO Jamil Nazarali said that he felt "very comfortable" the four assets listed on EDX weren't securities.
EDX is a new exchange backed by "TradFi" heavyweights Charles Schwab, Citadel Securities, and Fidelity Digital Assets.
Ordinal mania has caused increased blockchain activity—but not just on Bitcoin’s network: Litecoin, the 12th largest cryptocurrency by market cap, is experiencing a huge surge in transactions. Litecoin’s blockchain last week experienced over 584,838 transactions in one day, the highest in its history, according to crypto data website Bitinfocharts. Activity has since dipped—363,855 transactions took place yesterday—but Litecoin use is still higher than it has ever been. The cryptocurrency, w...
The launch of the exchange has led investors to plug cash into crypto, leading to a bit of a bull run. But it's not just Wall Street that's likely responsible for this sudden jump.
Litecoin is also due for its "halving" later next month, when the supply of coins for mining rewards will be cut in half, meaning fewer of the digital coins will be created. Such events have previously given rise to bullish price action for coins, such as during the run-up to recent Bitcoin halvings.
ANDDD THERE'S LITECOIN WAKING UP pic.twitter.com/DXa2LEvvBk
— K A L E O (@CryptoKaleo) June 30, 2023
Litecoin was launched in 2011 by ex-Google employee Charlie Lee. He wanted to create a faster, cheaper version of Bitcoin and so forked the Bitcoin blockchain.
The objective was to make a peer-to-peer cash system cheaper than the oldest and most well-known digital currency: a "silver" to Bitcoin's "digital gold." But the asset hasn't been successful at beating Bitcoin in terms of adoption and has fallen out of favor among investors in recent years. Until now, it seems.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Bitcoin snapped a five-day winning streak on Thursday, with modest losses of 1.3% over 24 hours as the crypto market’s recent rally cooled off. The world's biggest digital asset had accelerated to highs of $94,500 at one point, but briefly slipped below $92,000 in the early hours of Thursday morning. At time of publication, Bitcoin's price sits at $92,349, down 1.2% on the day, according to CoinGecko. BTC got off lightly compared with leading altcoins, with both XRP and Dogecoin slipping by 5.5%...
Publicly listed Bitcoin miner Riot Platforms has secured a credit facility of up to $100 million from Coinbase Credit, the lending arm of the U.S.-based crypto exchange giant. The Bitcoin-backed facility is secured by a portion of Riot Platforms’ Bitcoin holdings and will be used to "pursue key strategic initiatives.” “Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing,” Riot CEO Jason Les said in a statement....
Canadian investment firm SOL Strategies has secured a $500 million convertible note to buy Solana, the company announced on Wednesday, reflecting the growing interest in the crypto that has been popular among meme coin developers and others who favor its speed compared to rivals. The company, which trades on the Canadian Securities Exchange under the ticker HODL, described the agreement with New York investment firm ATW Partners as the largest and first of its kind in the Solana ecosystem. “Th...
