Litecoin and Dfinity surged more than 10% overnight

Altcoin Litecoin and Dfinity made significant gains overnight today as the cryptocurrency’s global market capitalization rose by less than one percent to stand at $ 2.53 trillion.

Litecoin jumped from 15th to 13th place in the cryptocurrency market capitalization ranking, as the value of the coin surged 16.2% overnight to lock in a price of $ 221.60. Litecoin currently has a market capitalization of $ 14.75 billion.

Litecoin was launched in October 2011, almost three years after Bitcoin. It was created by former Google engineer Charlie Lee, who announced the launch on a popular Bitcoin forum, labeling his creation a ‘light version of Bitcoin’.

In all its essential characteristics, Litecoin was intended to be a successor to Bitcoin. currency can be used for payments without relying on a third party to mediate the transaction, but it lacks the smart contract features of cryptocurrency blockchains like Ethereum, Polkadot, and Solana.

Wednesday this week Forbes announced that Litecoin was one of eight cryptocurrencies that Vast Bank customers can purchase through an FDIC-insured checking account.

Dfinity’s Internet Computer Project (ICP) token was the other big grower today. PCI rose 9.79% to reach $ 72.10.

Internet Computer Project is a smart contract platform that aims to provide a blockchain-based alternative to cloud computing technology. Through ICP, Dfinity hopes to bring decentralized alternatives to killer apps like WhatsApp, Linkedin, Uber, and TikTok.

ICP was listed in Coinbase Pro on the day of its launch. Despite the auspicious launch, the token quickly gained a reputation for extreme volatility.

On May 10, just three days after launch, the ICP fell from a high of $ 565 to just $ 218, according to crypto data aggregator Nomics. It has spent much of the past few months in free fall, bottoming out at $ 28.41 on June 26 before beginning a slow and steady rise to its current price.

Meanwhile, Bitcoin and Ethereum are stagnant. Bitcoin is currently trading at a price of $ 50,264, while Ethereum is down 0.62%, to just $ 72 to regain the $ 4,000 milestone.

Disclaimer

views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

Also Read Largest Global Sum Of Crypto Funds Seized By Regulators

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