Litecoin and Dfinity both made significant overnight gains today, as crypto’s global market capitalization increased by less than 1% to $2.53 trillion.
Litecoin jumped from fifteenth to thirteenth on the cryptocurrency market capitalization leaderboard, with the coin’s value increasing 16.2 percent overnight to $221.60. Litecoin has a market capitalization of $14.75 billion at the moment.
Litecoin debuted in October 2011, nearly three years after Bitcoin. It was created by Charlie Lee, a former Google engineer, who announced its launch on a popular Bitcoin forum, calling his creation the “lite version of Bitcoin.”
Litecoin aimed to be a successor to Bitcoin in all of its essential features. The currency can be used to make payments without the need for a third party to mediate the transaction, but it lacks the smart contract functions found in cryptocurrency blockchains such as Ethereum, Polkadot, and Solana.
This week, Forbes announced that Litecoin is one of eight cryptocurrencies that Vast Bank customers can purchase using an FDIC-insured checking account.
Today’s other big gainer was Dfinity’s Internet Computer Project token (ICP). ICP increased by 9.79 percent to $72.10.
The Internet Computer Project is a blockchain-based smart contract platform that aims to provide a blockchain-based alternative to cloud computing technology. Dfinity hopes to bring decentralized alternatives to popular apps such as WhatsApp, Linkedin, Uber, and TikTok through ICP.
On the day of its launch, ICP was listed on Coinbase Pro. Despite its auspicious beginnings, the token quickly gained a reputation for extreme volatility.
According to crypto data aggregator Nomics, ICP fell from a high of $565 to just $218 on May 10, just three days after its launch. It was in free fall for much of the last few months, reaching a low of $28.41 on June 26 before beginning 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, just $72 shy of recapturing the $4,000 mark.