After contributing massively to the coin market’s recent bull run, Litecoin [LTC] fell below the $60 mark. On March 18, the opening price rebounded at $59.83 and rallied to $60.86, early in the day.
At press time, the silver crypto asset held a market cap of $3.76 billion, and was priced at $60.33. Litecoin registered a 24-hour trading volume of $1.84 billion, while witnessing a decline of 2.81% in the past 24 hours. A growth rate of 9.82% was recorded over the past seven days.
Coineal continued to contribute the most to the coin’s 24-hour trading volume, providing 8.95% via the trading pair LTC/BTC. Other exchanges that dominated via the same pair were DigiFinex with 5.24%, and Coinall with 3.94%.
LTC’s one-hour chart exhibited a huge uptrend from $52.40 to $58.62, while also depicting a minor downtrend from $56.73 to $54.78. The coin was close to its anticipated resistance at $65, despite minor slips. The support for the coin was found at $52.39.
Parabolic SAR: The dotted markers were above the candlesticks, indicating a bearish phase for the coin.
MACD: The MACD line continued to overtake the signal line, steering the coin to the bull’s side.
Klinger Oscillator: The reading line continued to tread above the signal line post a bullish crossover.
The one-day chart for Litecoin showed an uptrend from $32.72 to $45.69, and a longer downtrend from $58.82 to $33.95. Immediate resistance for the crypto asset was marked at $67.94, while the immediate support firmly stood at $30.13.
Bollinger Bands: The mouth of the bands was diverging slightly, indicating minor volatility in the coin’s price.
Awesome Oscillator: The closing bars of the indicator were green, suggesting bearish price momentum for Litecoin.
Chaikin Money Flow: The CMF was well above the zero-line, and indicated money flow into the coin market. A bullish price trend was predicted for the silver crypto asset.
The short-term indicators for Litecoin sided with the bull, while the long term indicators projected mixed signals and a potential price breakout in the near future.
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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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