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Litecoin [LTC] registers 6% growth, while other coins bleed

Namrata Shukla

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Litecoin [LTC] registers 6% growth, while other coins bleed
Source: Pixabay

The cryptocurrency market has attained new normalcy after stepping in the new year. Likewise, the major coins seeing double-digit gains have been restricted by the new year. However, some coins like Litecoin [LTC] have still managed to grow by 6.76% over the past week.

Source: CoinMarketCap

Source: CoinMarketCap

As per the charts of Litecoin, the coin was valued at $35.57 with a market cap of $2 billion. The coin registered a 24-hour trade volume of $707 million with a growth of over 6% in the past week and reported an overall growth of 11.97%. However, the coin is seen slipping in the past hour by 0.68%, at the time of press.

As per the maximum trading volume, OKEx registered a trading volume of $67 million with LTC/BTC pair, followed by ZB.COM that traded at a volume of $65 million with LTC/USDT pair. The third position was taken by Bit-z, registering a volume of $63 million with LTC/BTC pair.

The coin has been in the news lately as it has seen massive adoption in the past year. Recently the coin became the first cryptocurrency to ever sponsor UFC 232. The logo of the coin was placed on the Octagon on the canvas, which is a big step for the coin’s adoption.



This news was very well celebrated by the Twitter community and also about the recent rally of Litecoin. One of the Twitter users, Litecoin Master tweeted:

“Buy #LTC
1. It’s undervalued 37x less market cap than bitcoin
2. It’s on same path as bitcoin 7 yrs vs 10 yrs
3. #Litecoin halving is Aug 2019, inflation drops from 9 to 4%
4. Litecoin will add privacy
5. Litecoin on ⚡️network
6. UFC partnership
@mrilirgashi @johnkim77”

While another user Edin Jusupovic wrote:

“When Litecoin hits $1000, assuming a 70M LTC circulation, that’s only a small $70B market cap. Apple single-handedly wiped out $64 billion in just a matter of hours after revising revenue projections.
Litecoin is sound money for the world, and it’s worth 10x more than Apple.”





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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