Several top digital currencies listed on CoinMarketCap were surging as bulls rose to the occasion. The recent bullish swing can possibly be attributed to growing institutional adoption and the cryptospace’s numerous positive developments. The altcoin rally was dominated by the Litecoin [LTC], and was followed by Cardano [ADA], Bitcoin Cash [BCH] and Binance Coin [BNB].
The sixth largest crypto-asset, Litecoin, gained significant market momentum and rose by 10.15% over the last 24 hours. It was priced at $94.74, at press time, and held a market cap of $5.86 billion. It recorded a 24-hour trading volume of $3.63 billion. Additionally, the digital asset was up by 7.16% over the week.
Cardano Founder and IOHK CEO Charles Hoskinson had previously revealed a spree of upgrades and expansion plans across the Asian and African continents, which have contributed to the coin’s bullishness. At press time, the tenth largest crypto-asset pumped to a value of $0.081, after rising by 8.92% over the past 24 hours. ADA held a market cap of $2.12 billion and a 24-hour trading volume of $108.5 million over the last 24 hours. A positive change of 2.88% was seen for the coin over the week.
Bitcoin Cash [BCH]
The Bitcoin fork coin, BCH, after struggling to keep up the support level at the $400-mark was trading at $410, after a rally of 8.46% over the last 24 hours. At press time, the fourth largest crypto-asset registered a market cap of $7.29 billion and a trading volume of $2.44 billion over the last 24 hours. Besides, BCH rose by 12.94% over the past week.
Binance Coin [BNB]
The upcoming Initial Exchange Offering, and the launch of various promising projects have all catapulted BNB’s price to $33.37, after a positive swing of 8.36% over the last 24 hours. Binance’s in-house token saw a massive 400% rise in 2019. At press time, BNB held a market cap of $4.71 billion and a 24-hour trading volume of $591 million. The coin also posted 34.36% gains over the week.
The latest bullish wave is speculated to continue with an increase in adoption in various mainstream fields. Litecoin [LTC], with its imminent halving in August has managed to hold on to the $80-mark and has surged past it, leading the market on its latest surge.
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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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