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Bitcoin Cash [BCH] leads the charge as it soars by 12%; Litecoin [LTC] and Tron [TRX] follow suit

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Bitcoin Cash [BCH] leads the charge as it soars by 12%; Litecoin [LTC] and Tron [TRX] follow suit
Source: Unsplash

Although the Bitcoin rally was short-lived, altcoins seemed to benefiting the most from this rally. Bitcoin Cash [BCH], at the time of writing, was up by 12.83%, while Litecoin was up by 6.74% and Tron was pumping by 6.01%.

Bitcoin Cash [BCH]

The price, at press time, was $270 and the market cap was $4.8 billion. Over the course of 7 days, the price fell, but was trying to get back up. From April 30 to May 01, the price of BCH surged by approximately 18%. However, the price seemed to witness a market correction.

Source: TradingView

BCH has performed well in 2019, with its price recording a rise of 90% this year. It reached a high of 142% on April 03, 2019.

Litecoin [LTC]

Litecoin also had a splendid start to the year, making people believe that Litecoin’s bull run had begun. Litecoin was up by approximately 8.79% over the past 24 hours.

Source: TradingView

Additionally, LTC was up by approximately 157% since the start of the year, with a maximum increase of 243%. The price of Litecoin at press time was $73.24 and it had a market cap of $4.55 billion.

Tron [TRX]

Tron prices were up by 5.56% over 24-hours. The prices recorded a significant rise over the past 7 days, after a briefly drop.



Source: TradingView

The YTD increase in price was only 32%, which is the lowest among the above-mentioned coins. At press time, the price of TRX was $0.0247 and it had a market cap of $1.06 billion.

Ever since the Golden Crossover was spotted with Bitcoin, the community’s sentiment towards cryptocurrencies has turned bullish. The popular belief was that it marked the end of the crypto-winter and the beginning of a bull run. However, the recent Tether and Bitfinex fiasco caused the sentiment to turn bearish.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin Cash

Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool

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Bitcoin Cash's hashrate comes dangerously close to being controlled by one mining pool
Source: Unsplash

Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.

Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.

Source: Coin Dance

The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.

At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.

Source: Coin Dance

This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.

Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.

A Reddit user commented:



“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “

Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:

“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”

In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.

Source: Coin Dance

 

 





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