XRP ranked third in the list of top cryptocurrencies at press time and was priced at $0.405 and held $17.07 billion in market cap. The coin was up by 8.46% and had $2.17 billion in 24-hour trading volume.
XLM was priced at $0.138 and held a market cap of $2.65 billion. The coin was placed ninth in the list of top cryptocurrencies. XLM saw a 6.45% surge over the past 24 hours and had $453.84 million in 24-hour trade volume.
XRP resurged and went past the resistance at $0.4619. There was another resistance at $0.579. Support lines stood at $0.406 and $0.302 and XRP saw two downtrends on the chart. The first downtrend was steeper and fell from $0.514 to $0.331 and the second downtrend saw a dive from $0.576 to $0.452.
Bollinger Bands displayed high volatility rate in the XRP market. The moving average line was below the candles showcasing a bullish trend.
Awesome Oscillator presented a bullish buying opportunity as the short-term momentum was greater than the long-term momentum.
Chaikin Money Flow revealed that money was flowing into the market.
The graph showed a downtrend from $0.207 to $0.142. Three resistance lines stood at $0.205, $0.169 and $0.142 and the three support lines stood at $0.139, $0.114 and $0.870.
Bollinger Bands displayed high volatility rate in the market as the bands were diverging. Also, the average moving line was below the candles showing a bullish trend.
Awesome Oscillator revealed that the short-term momentum was greater than the long-term momentum. This indicated a bullish buying opportunity for the buyers in the market.
Chaikin Money Flow indicator showcased that the money inflow was much greater than the money outflow.
XRP and XLM show promising growth and seem to be on a bullish path.
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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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