The biggest winners of the day include Litecoin . The project that is due to undergo a block reward halving this year has posted 30 percent gains since this time yesterday.
Crypto Markets Post Rare Green Day
The crypto markets are once again on the move. Unlike many previous shifts over the 13 months of bear market , prices are actually rising. Excluding two coins, the entire top 100 digital currencies by market capitalisation posted gains for the previous 24-hour period.
The market capitalisation of all cryptocurrencies combined shot up by more than 9.15% since the clock passed midnight today. This represents more than 10 billion being added to the market in just over 20 hours.
The only two digital currencies not showing green figures today were DAI and USD Coin. Since these two coins have been designed for prices to remain stable, their negligible losses of 1.41 percent and 0.3 percent respectively have not shifted either too far from their target price of US$1.
All other tokens have posted green figures for the day. The gains ranged from less than one percent to over an impressive 32 percent. The top performer of the day was the native digital currency of the ARK network – a project attempting to link different blockchains together.
What’s Going on With Litecoin?
The most notable coin posting massive gains over the last 24-hours was Litecoin (LTC). The well-established digital asset surged just shy of 30 percent. This standout performance from the top 10 coins is believed to be associated with the block reward halving event taking place this August. As has been observed in Bitcoin previously, the restriction of supply hitting markets exacerbates whatever buying pressure there is. This causes prices to increase faster since there are fewer coins for speculators to buy.
Popular Twitter analyst Moon Overlord drew attention to Litecoin’s gains, highlighting a surge in trading volume too:
Liftoff for $LTC , that volume though…