The past few days have been very difficult for the cryptocurrency market. The market is on a sideways movement with sudden fall and recovery in a day’s time. Tron [TRX], the ninth largest coin, has been following a similar pattern. However, it has been competing head-to-head with other major coins.
According to CoinMarketCap, the coin was valued at $0.0245 with a market cap of $1.6 billion. The coin registered a 24-hour trade volume of $146 million and notes growth by 1.85% over the past 24 hours, however, it is still falling by 0.08% over the past hour. The coin has recorded a growth of 7.79% over the past week.
The one hour chart of the coin reflects a downtrend from $0.0262 to $0.0232, after which the coin noticed an uptrend from $0.0215 to $0.0245. The coin has marked resistance at $0.0248 while support seems strong at $0.0245.
Bollinger Bands is at a converging point, indicating a decreased volatility in the market. The moving average line is observed to be above the candlestick marking a bearish trend.
Awesome Oscillator points towards a bullish market losing momentum.
Chaikin Money Flow indicates a bearish market as the marker is under zero.
As per the one day chart of the coin, a downtrend was noted from $0.0181 to $0.0119, after which it started to hike from $0.0131 to $0.0215. The coin has not marked a new resistance at the time of press, as it has broken its earlier resistance at $0.0287. The coin marked strong support at $0.0215.
Parabolic SAR indicates a bearish market as the markers aligned themselves above the candles.
MACD line is under the signal line pointing towards a bearish market.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per the indicators, Parabolic SAR, MACD, Bollinger Bands, and Chaikin Money Flow the market is bearish but Awesome Oscillator predicts a bullish market. However, going by the majority, the chances of a bear market is higher.
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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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