Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
Record earnings of miners, decline in bitcoin volatility and risen in price of Dogecoin
Users have withdrawn a record number of bitcoins per day from exchanges since the beginning of 2020. Glassnode reports that 20,660 more BTC were withdrawn on July 8 than deposited. Most of all, the outflow was on the Coinbase exchange, despite the growth in the number of deposits, they are still less than withdrawals.
Ethereum miners earned a record 17% in transaction processing fees in June. For comparison, last month their earnings were 10%. The Block compared the income of Ethereum and BTC miners: the Bitcoin network made it possible to earn 4% in June and 10% in May. Analysts explain the growth in income of Ethereum miners with the growing popularity of financial pyramids and De-Fi projects.
Bitcoin volatility has dropped to November 2018 levels. At that time, it was followed by the collapse of the main cryptocurrency to $3100. At the same time, analysts note an inverse correlation between the prices of bitcoin and gold, so many of them are confident in the sharp rise in gold and the collapse of bitcoin. However, most believe that both gold and bitcoin are waiting for an upward movement.
After hitting an all-time high in May, Bitcoin futures trading volumes fell 40% in June, dropping from $557 million to $332 million, the same as at the start of 2020. Analyst Dmitry Perepelkin reported on the uncertainty in the futures market. In early July of this year, he also pointed out that speculators in the futures market bet on the decline in the price of bitcoin.
Arcane Research has named coins with the best price dynamics for the week. So, the first week of July showed that the index of mid-cap cryptocurrencies rose by 13.4% against the backdrop of a fall in the Bitcoin dominance index by 0.87%. The leaders of the last seven days are VeChain, Kyber Network and Cardano. And the drawdown was caused by such tokens as Compound, Hedera Hashgraph and Algorand. At the same time, the volatility of bitcoin over the past 30 days has dropped to its lowest levels in 15 months.
Libra is not going to abandon the plan to issue a multi-currency stablecoin. Libra's director of policy, Julien Le Gock, said the company is in constant dialogue with regulators to develop a regulatory framework. The founders of the project are trying to do everything to bring closer partnership with the states.
Dogecoin doubled in price in just two days thanks to a viral Tik-Tok video. The cost of DOGE rose to $0.005599 (Binance) after the publication of a video in which the author encourages viewers to invest in this coin. Now the rate of the coin-meme has corrected to $0.004242, but DOGE managed to take a place in the TOP-30 of the cryptocurrency rating. Dogecoin developers themselves warn against hasty investment decisions and advisers.
