By Brenda Collins
Latest market update says that XRP and Litecoin (LTC) have witnessed a significant influx of capital amounting to nearly $1 million amidst a substantial exodus from the Bitcoin and Ethereum markets in a surprising turn of events. As per recent data, Bitcoin saw its largest weekly outflows since March, with a whopping $111 million leaving the market.
Ethereum also experienced a considerable outflow of $6 million, resulting in a total combined outflow of $117 million for both cryptocurrencies over the past week, which Wu Blockchain tweeted on its official handle. Investors are diversifying their portfolios and exploring alternative options beyond the traditional Bitcoin and Ethereum.
XRP was able to obtain an inflow of about $0.5 million, and Litecoin was just a little behind with an inflow of $0.46 million. Explaining the current development, Tomiwabold Olajide, a cryptocurrency price expert, explained that these inflows indicate that market players are interested in learning more about the potential presented by these alternative cryptocurrencies as they look for ways to expand beyond the dominance of Bitcoin and Ethereum.
There has also been a substantial outflow of money from the Bitcoin network, making it the biggest weekly outflow in months. Olajide also pointed out that several variables, including worries about regulatory uncertainties, environmental concerns, and prospective adjustments in investor mood, are responsible for this change in sentiment.
Litecoin network is preparing to reach a milestone in network security and mining efficiency with a recently recorded difficulty of 933.2 TH/s. This development is said to have the capacity to increase investor trust in cryptocurrencies by demonstrating the network’s resilience and potential for long-term growth.
Also read:Experts Urge Calm, Explain Benefits Of Halving; XRP Performs Optimally
The blockchain underwent its third halving event at 2,520,000 blocks on August 2. Due to this incident, mining incentives were cut in half to 6.25 LTC per block. Information on Crypto News explained that contrary to popular belief, halving occurrences are significant turning points in the development of a cryptocurrency because they affect the rate of issuance and the dynamics of the total supply.
They added that in keeping with the guiding principles of several other cryptocurrencies, including Bitcoin, this action aims to guarantee the cryptocurrency’s scarcity over time. Speaking further on the development, Tomiwabold Olajide added that the larger market landscape appears to be going through a transformational phase characterized by increased diversification and a re-evaluation of investing techniques.
Meanwhile, the prices of LTC and XRP closed on a fairly optimal note, with a lot of trading activities. The price of XRP went down to $0.6141, with a 2.05% decrease in the last 24 hours. It witnessed a lot of trading volume, with a 70.15% increase in trading, representing $1,404,080,107 in the last 24 hours. The capitalization also fell, closing at $32,395,870,891, a 2.05% fall in the price.
Litecoin (LTC), on the other hand, also had a fall in price in the last 24 hours, with a 2.34% fall, to arrive at $81.55. The market capitalization closed at $5,984,150,114, a 1.39% fall. Like the XRP, the LTC also had good trading activity in the last 24 hours, trading at $352,147,946, a 37.63% increase in price. However, the recorded number of LTC in circulation amounts to 73,515,920 LTC, with 84,000,000 LTC in total supply.
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