The cryptocurrency market is still undergoing a correction after the price hike on May 3. This hike was led by the largest cryptocurrency, Bitcoin [BTC] as it crossed the $100 billion market cap and breached its immediate resistance. Along with Bitcoin [BTC], altcoins like Litecoin [LTC], which ranks fifth on CoinMarketCap, also registered significant growth.
At press time, BTC was valued at $5,749 with a market cap of $102 billion. The 24-hour trading volume of the coin was reported to be $16.82 billion as it surged by 0.77% within an hour. In the past seven days, BTC has grown by 9.77%.
Bollinger Bands appeared to be diverging, which signals an increase in market volatility. The moving average line was under the candlesticks, marking a bullish trend.
Awesome Oscillator marked a strengthening bullish trend.
Chaikin Money Flow pointed towards a bullish market as the indicator remained above the zero-mark.
At press time, the coin was valued at $77.31 with a market cap of $4.76 billion. The 24-hour trading volume of the coin was reported to be $3.20 billion as the coin dipped by 1.28% over the past day. LTC managed to register a 7.66% growth within the past seven days and continued to report minimal growth of 0.53% within the past hour, at press time.
Parabolic SAR pointed towards a bullish market as the markers aligned under the candlesticks.
MACD line indicated a bullish market right after a crossover with the signal line.
Relative Strength Index indicated that buying and selling pressures had evened each other out.
According to the long-term charts of BTC and LTC, a bullish trend is being forecast.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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