Litecoin and Ethereum Classic Now Worth Over $2 Billion Each

The list of top five Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by market cap experienced a shakeup over the weekend.

Litecoin and Ethereum Classic entered the number four and number five spots respectively, following only Bitcoin, Ethereum and Ripple's XRP. They are now worth over $2 billion each, marking the first time that all top five Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term assets are valued at such a figure.

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Litecoin, which only last month reached a record market cap of over $1 billion, is now worth a total of $2.6 billion. This is an increase of 260% in less than a month and a half. Ethereum Classic is not far behind at almost $2.2 billion for all ETC in circulation, after rising 14% from last week.

Combined with the rise of Ethereum and Ripple's XRP, this all leads to a new low for Bitcoin's dominance in the cryptocurrency ecosystem. BTC now accounts for only about 37% of the value of all blockchain assets in the world. Still, Bitcoin's value remains a huge figure in its own right - over $42 billion - as the total market cap is now at a record $112 billion value.

There are several recent factors that traders are linking to the rally in the prices of Litecoin and Ethereum Classic. These include technical advancement in the Litecoin blockchain and Chinese exchange BTCC decision to list ETC for trading.

However, it is also likely that much of the demand is coming from new traders who hope that the two cryptocurrencies will grow like Bitcoin and Ethereum, which are now considered very expensive to get into.