Despite all cryptocurrencies losing value yesterday, LTC held its own with relative ease. Charlie Lee, the creator of Litecoin, feels this is a clear sign of the flippening taking place. Unlike the flippening, the flappening would see Litecoin over Ethereum in market cap. It is merely a jest, although it is not unlikely such an event could take place eventually.
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That does not mean Ether isn’t used for different purposes, but it may not necessarily warrant the price we see right now. Even despite the drop in price, Ether is still valued high for something most people will not necessarily use anytime soon. In recent weeks, the project has moved up the rankings all the way to seventh in terms of market cap. This flip has likely happened due to Bitcoin Cash’s freefall during the past month following the drama of the BCH fork, and the fact that at press time Litecoin happens to be up 12% on the day.
Litecoin fans have taken their leader’s prediction very seriously. Someone even createdwhen to take profits crypto.watch, a website which analyses various metrics by which LTC can overtake BCH. The website watches market capital, price, number of active addresses, number of daily transactions, daily trading value, daily mining reward, and average block time. As news spread, the LTC price began to spike, and at time of writing has seen a 24-hour increase of almost 12%. This has boosted its market cap from simply overtaking BCH, to being nearly 10% higher. Some of you may have heard about the Ethereum and Bitcoin “flippening”. The “flippening” became a term in the crypto community during the summer of 2017 when Ethereum’s market cap was nearing that of Bitcoin’s.
Litecoin Price Push Causes Market Cap flappening With Bitcoin Cash
This reduction in fees could act as a boost to help adoption grow under the ‘medium of exchange’ use case, which has been a longstanding visionary statement for the open source cryptocurrency project. Charlie Lee is celebrating that Litecoin has overtaken Bitcoin Cash in terms of total market cap. In terms of BTC, Litecoin is now also recovering part of the losses experienced in recent years. However, it will be difficult for it to continue moving higher. Indeed, the LTC/BTC trading pair remains at 0.00445 BTC one of the lowest prices for LTC in years. However, unlike Flippening that only happened in April 2019, the flappening had already taken place with LTC’s market cap exceeding that of BCH back in December 14th 2018. The term had since expanded to refer to the overtaking of other important altcoins. The term “Flappening” is actually a colloquial term that was coined back in 2018 by Charlie Lee. The term pertains to the moment when Litecoin exceeded the Bitcoin Cash with consideration to market capitalization. However, LTC was created in 2011, way before BCH – but the latter had the Bitcoin brand name backing it which got it priced higher while gaining a bigger market cap than Litecoin as well.
- This has boosted its market cap from simply overtaking BCH, to being nearly 10% higher.
- Someone even createdFlappening.watch, a website which analyses various metrics by which LTC can overtake BCH.
- Litecoin fans have taken their leader’s prediction very seriously.
- The website watches market capital, price, number of active addresses, number of daily transactions, daily trading value, daily mining reward, and average block time.
- As news spread, the LTC price began to spike, and at time of writing has seen a 24-hour increase of almost 12%.
- Some of you may have heard about the Ethereum and Bitcoin “flippening”.
This allowed Litecoin to perform the so-called “Flappening” with Bitcoin Cash. The next target would be to surpass Chainlink as the 5th most valuable cryptocurrency in the world. Just before you think I am blabbering in my sleep, these are two actual terms coined in the Cryptoverse to present two possible scenarios, but on two different sets of digital coins. Back in February, I wrote about Flippening – this was the time when the Cryptocurrencies current & ongoing price decline had just started, after the price peak reached in December 2017. The Alt.coins still commanded more than 50% of the market share with Ethereum posing a serious threat to the supremacy of the Crypto kingpin Bitcoin . A lot has happened since then & Flippening actually did happen but not between Bitcoin & Ethereum. Let’s explain Flippening to people who don’t know what the term means before moving on to the rest of the story.
In this way, LTC was able to reach a market cap of $4.85 billion and a price per coin of $73.60. It is certainly possible we will see a keccak hash take place sooner or later. It has the same chance of succeeding compared to Ethereum taking over Bitcoin by market cap. Both trends are highly unlikely right now, but you never know what the future holds in the world of cryptocurrency. Litecoin seemingly has far more value than Ethereum at this point, depending on whom you ask the question to. Litecoin users are quite happy about the way things are going.
If history repeats itself it may be possible for LTC to reach new highs in 2021. Although many consider the Flappening has already happened, the next target will be to get the fifth position. Now, Chainlink is waiting with a market valuation of around $5.05 billion. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Not too far, it’s not that Litecoin’s going to double in price, it’s probably XRP’s price continuing to fall.
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Read news and updates about and all related bitcoin & cryptocurrency news. Over the past 24 hours, the Litecoin price has risen by 1.7% in USD value and 1.9% in BTC value. Both of these trends are pretty peculiar to be noted at this time. This is also the first time in a while Litecoin enters the market cap top 5 again, as it successfully overtook Bitcoin Cash. With a current value of $33.85 or nearly 0.01 BTC, the current momentum looks very interesting regardless of how one wants to look at things. The native token has no real use cases similar to Bitcoin or Litecoin.
The https://en.wikipedia.org/wiki/flappening has also seen a price hike for LTC by more than 10% in the past couple of days alone. It will be interesting to see whether Litecoin is able to hold on its edge in the long term. When I posted the chart in my previous article, the ETH/BTC ratio was over 60% back in February & Ethereum was positioned as the top contender among the Alt. The Crypto bulls saw in dismay with the tables turning on the broader digital assets’ market during the year.
Litecoin now holds the 7th highest market cap in the crypto market. CoinGecko provides a fundamental analysis of the crypto market. In addition to tracking price, volume and market capitalization, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. With the two biggest metrics measuring the strength of a digital coin being the price & its market cap LTC lagged behind its counterpart till the BCH split that happened last month.
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In virtually all walks of life, the mass proliferation of data is transforming the way we perceive the world. And only now are we waking up to its enormous potential for helping us make better, more accurate and more informed decisions. Data Driven Investor is dedicated to uncovering how ordinary people can best utilize data to make those decisions. The Flappening comes one day after LTC dethroned another contentious fork call ‘BitcoinSV’.
The major resulting factor from this Bearish run was the climb of BTC’s dominance from the historic lows of 38% earlier in the year to the current 55%. As the market cap for the broader Crypto market cap shrank drastically so did the share of Alt. coins as the ETH/BTC falling to about 16% at the time of writing. As the prices for the digital coins dwindled, so did the hopes of Ethereum flippening Bitcoin as evident from chart below. We are bringing to your notice that whilst we don’t approve the breach of digital privacy , we are still going to continue upload leaked photos of celebrities. This website isn’t endorsed by, directly affiliated or, created by any of the people behind the iCloud leaks.
The trading volume is clearly in favor of Litecoin, though, even though the gap is quite small right now. While the flappening in market cap has occurred, there are still other categories where the flappening has not yet happened. According to flappening.watch,the flappening has completed for the number of active addresses, 24-hour trading volume, mining reward, and average block time. The flappening has yet to occur for current price and 24-hour transaction amount. LTC was able to get the 6th position in the cryptocurrency market after outperforming Bitcoin Cash in the last few hours.
To put this in perspective, there is some genuine excitement regarding this recent “https://cointelegraph.com/news/human-rights-foundation-cso-urges-time-readers-not-to-demonize-bitcoin”. That is the term people tend to use when Litecoin overtakes another major cryptocurrency in market cap. Mitchell Moos is quite taken by this particular development, although there is a good chance the rankings will switch again over the course of today. These are interesting times for most cryptocurrencies despite Bitcoin’s lack of appeal. That in itself is pretty interesting, especially when considering how nearly all markets rely on Bitcoin first and foremost. In the case of the Litecoin price, things have gotten pretty interesting as of late. It is now back in the market cap top 5, after a lengthy struggle. That is still a long way to go, but things can change in favor of Litecoin at any given time There are fewer transactions on the Litecoin network compared to Ethereum, though. Then again, a lot of those ETH transfers have to do with cryptocurrency ICOs more than anything else.
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Many people speculated that the two crypto’s market cap positions could flip. This “flippening” has not occurred, but the “flappening” has. Litecoin surpassed Bitcoin Cash in terms of market capitalization. The now 6th largest cryptocurrency in the world surged by over 19% in the last hours.