Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day

Cryptocurrency Nov 23, 2022 12:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters ‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day
 
DOGE/USD
-3.55%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+1.38%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LTC/USD
-2.59%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
JPM
+1.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Crypto markets are rallying today as traders reassess the risks of crypto asset management firm Genesis going under. Bitcoin (BTC) posted a 5% gain in the last 24 hours and traded above $16,000 after hitting its two-year low yesterday.

However, the rally does not mean that traders are ready to take reckless risks. The markets are now looking for stability, and they are turning to Litecoin (LTC). The digital asset dubbed “Digital Silver” has taken a huge leap of 28% over 24 hours.

The week has been great for Litecoin as well. The Bitcoin fork is up 37% over the last seven days. As the crypto markets were in turmoil, Litecoin was the biggest winner. The proof-of-work coin is now the world’s thirteenth-largest cryptocurrency by market capitalization.

The FTX collapse and the potential contagion from it are spreading mistrust toward centralized projects. Investment bank JPMorgan (NYSE:JPM) pointed out that the recent crypto collapses were all centralized entities: Three Arrows Capital, Terra-Luna, and FTX.

Moreover, tokens that are closely tied to certain companies are at a greater risk of contagion from FTX than decentralized coins. Litecoin, on the other hand, has all the features of a decentralized protocol.

Litecoin – Digital Silver and DOGE Relative

Litecoin is often referred to as “Digital Silver” due to its similarity to Bitcoin, which is known as “Digital Gold.”

Created in 2011 by developer Charlie Lee as a more scalable alternative to Bitcoin, Litecoin also uses a proof of work algorithm.

The difference is that transactions on the Litecoin network are faster and cheaper. Moreover, a recent network upgrade allows users to conceal their transaction data, which greatly improves the privacy of transactions.

Litecoin’s founder is still working on the project. However, he sold all his holdings in Litecoin in 2017, citing conflicts of interest.

In 2013, Billy Marcus forked Litecoin to create the meme-crypto Dogecoin. Litecoin and Dogecoin are similar in many regards, but there are some major differences. Litecoin supply is capped at 84 million. The supply of Dogecoin is uncapped.

On the Flipside

  • Litecoin’s PoW protocol could put it in the crosshairs of regulators aiming to reduce the carbon footprint of digital currencies.

Why You Should Care

The Litecoin rally shows a shift in market sentiment away from “moonshots” and towards more stable and reliable projects.

Learn about the Litecoin upgrade:

Litecoin Activates the MimbleWimble (MWEB) Upgrade, LTC Surges

Exchanges delist Litecoin after privacy-focused upgrade:

Crypto Flipsider News – Exchanges Delist Litecoin

See original on DailyCoin

‘Digital Silver’ Litecoin (LTC) Jumps 25% in a Day
 

Related Articles

Axie Infinity is toxic for crypto gaming
Axie Infinity is toxic for crypto gaming By Cointelegraph - Nov 30, 2022

Blockchain gaming is only four years old — a toddler compared to the rest of the industry. It has a lot of growing up to do, particularly when it comes to play-to-earn...

Why is the crypto market up today?
Why is the crypto market up today? By Cointelegraph - Nov 30, 2022 6

The crypto market is up today and Bitcoin (BTC), Ethereum (ETH) and numerous altcoins all rallied after United States Federal Reserve Chairman Jerome Powell suggested that December...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email