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While the rest of the market remained calm, the value of Litecoin and Dfinity skyrocketed.
Litecoin and Dfinity both achieved huge overnight gains today, as crypto’s global market capitalisation increased by less than 1% to $2.53 trillion.
Litecoin jumped from fifteenth to thirteenth on the cryptocurrency market capitalisation leaderboard, with the coin’s value increasing 16.2 percent overnight to $221.60. Litecoin has a market capitalisation of $14.75 billion at the moment.
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 the “lite version of Bitcoin.”
In all its essential features, Litecoin aimed 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 this week, Forbes announced that Litecoin was one of eight cryptocurrencies that customers of Vast Bank can buy through an FDIC-insured checking account.
Dfinity’s Internet Computer Project token (ICP) was today’s other big grower. ICP surged 9.79% to reach $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.
On the day of its introduction, ICP was listed on Coinbase Pro. Despite its auspicious beginnings, the coin quickly gained a reputation for high volatility.
According to crypto data aggregator Nomics, ICP plummeted from a high of $565 to just $218 on May 10, just three days after its introduction. It was in fast fall for much of the last few months, reaching a low of $28.41 on June 26 before commencing a slow and steady ascent to its current price.
Meanwhile, Bitcoin and Ethereum have reached a standstill. Bitcoin is currently trading at $50,264, while Ethereum is down 0.62 percent, barely $72 shy of recapturing the $4,000 mark.