Although the cryptocurrency market has been falling during the last few days, the recovery is now being led by EOS and Litecoin (LTC) two of the largest cryptocurrencies in the market. In the last 24 hours, EOS surged over 11% and Litecoin 5.4%. Bitcoin (BTC), Binance Coin (BNB) and Bitcoin SV (BSV) are registering losses.
EOS and Litecoin Become Market Leaders
In the last 24 hours, EOS and Litecoin became the best performing cryptocurrencies among the top 18 digital assets, according to data provided by CoinMarketCap. In the last hours, most of the virtual currencies are registering gains, including Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Stellar Lumens (XLM).
On July 22nd, the Intercontinental Exchange (ICE) launched the testing phase of its Bitcoin futures contracts that were designed specifically for institutions and larger investors. This was expected to have a positive impact on Bitcoin, however, this did not happen during the first hours after the testing phase started.
One of the main reasons why Litecoin is growing compared to other digital assets could be related to the fact that this digital currency will soon be experiencing a halving. Litecoin’s reward for miners is going to be reduced from 25 LTC per block to 12.5 LTC per block, which is certainly a bullish sign for the price if demand for the asset increases.
However, it seems that most of Litecoin’s gains before the halving have already taken place earlier this year. This can be seen in the price of the virtual currency surging from $23 up to $140 a few weeks ago. That represents a price increase of over 508% in a few months. During the last weeks, in terms of BTC, Litecoin fell from 0.017 BTC to 0.083, which shows the digital currency has not the same strength it had during the first half of this year.
EOS and Litecoin have a market capitalization of $5.88 billion and $4.17 billion. Together they account for 3,7% of the total cryptocurrency market share. Currently, Litecoin is the 4th largest digital asset and EOS the 7th. CoinMarketCap shows Litecoin can be purchased for $93.6 and EOS for $4.51.
Meanwhile, the most popular digital asset in the market, Bitcoin (BTC) has a price per coin of $9790 and a market cap of $174.6 billion.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.