With more than 850 cryptos in the world, it is hard to keep track of them all. Want to stay on top of your crypto game? Here are two cryptos you should know about:
Litecoin: The Silver to Bitcoin?
Litecoin (LTC) was announced and released in 2011, with the goal of being the silver to Bitcoin’s gold. Litecoin has seen some crazy growth since January 2017: At the beginning of the year, its price was sitting at $4.51 against the USD, with a market cap of $221 million. At the time of writing, litecoin is priced at $46.80 with a market cap of $2.5 billion.
LTC had recently adopted a new protocol upgrade called SegWit. The integration was reportedly successful and issue-free. SegWit is a protocol optimization which was put forward to improve the functionality of Bitcoin and has been the subject of Bitcoin’s infamous scaling debate.
Since the adoption of SegWit, some industry startups have voiced support for the move. On 7 June, hardware wallet provider Trezor announced that its beta series of products would support SegWit for LTC.
Ripple: The first bank-adopted Cryptocurrency
Ripple (XRP) is another ever-growing cryptocurrency that is hoping to earn a place in the wider world of business and finance. Ripple’s network is designed for seamless transactions that can be settled by banks in real time. Therefore, transaction fees can be brought down for both banks and individual customers. Roughly a week ago, the National Bank of Abu Dhabi announced their plans to adopt the Ripple network for all cross-border transactions
XRP is trading well below $0.18 a coin, making it a mere fraction of Ethereum or Bitcoin. However, XRP is currently the third-largest cryptocurrency by market capitalization ($7 billion).
Ripple has seen rapid and exponential growth since the start of March this year. While its value was supporting around $0.006 USD and roughly $237 million market capital in March, today’s levels are supporting at $0.18 a coin, with an average trading volume of $291 million a day.
All trading involves risk. Only risk capital you’re prepared to lose. The information above is not investment advice.