Litecoin and Dfinity soared in value, while the rest of the market lagged
Litecoin and Dfinity rose more than 10% overnight, with the global crypto market capitalization advancing by less than one percent to reach $2.53 trillion.
Litecoin soared from fifteenth to thirteenth on the cryptocurrency’s market capitalization leaderboard, with the currency’s value exploding 16.2% overnight to secure a price of $221.60. Litecoin currently has a market capitalization of $14.75 billion.
Litecoin was launched in October 2011, almost three years after Bitcoin. It was created by former Google engineer Charlie Lee, who announced the launch in a popular bitcoin forum , labeling his creation as the “Bitcoin lightweight version”.
In all its essential features, Litecoin intended to be a successor to Bitcoin. The currency can be used for payments without relying on a third party to mediate the transaction, but it lacks the smart contract functions of cryptocurrency blockchains like Ethereum, Polkadot and Solana.
On Wednesday of this week, Forbes announced that Litecoin was one of eight cryptocurrencies that Vast Bank customers can purchase through an FDIC-insured checking account.
The Internet Computer Project Token (ICP) from Dfinity was another big producer today. The ICP rose 9.79% to reach US$ 72.10.
The 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.
The ICP was listed on Coinbase Pro on the day of its release. Despite the auspicious release, the token quickly gained a reputation for its extreme volatility.
On May 10, just three days after launch, the ICP dropped from $565 to just $218, according to data aggregator Nomics. It has spent much of the past few months in freefall, hitting a low of $28.41 on June 26, before beginning a slow and steady rise to its current price.
Meanwhile, Bitcoin and Ethereum have stagnated. Bitcoin is currently trading at a price of $50,264, while Ethereum is down 0.62%, just $72 below recovering the $4,000 mark.