Cryptocurrency experts name the most unprofitable digital assets of the day

The capitalization of the cryptocurrency market suffered serious losses yesterday. The figure dropped by 3% to $ 1.21 trillion after the publication of the Blowout report by Active Data Platform (ADP). The company’s researchers assured the public that the US Federal Reserve will continue to raise rates.

In addition to the market leader, which fell by 4.1%, altcoins also suffered losses. Thus, ethereum fell by 4.9%, currently trading at $ 1858. XRP — by 3.4% to $ 0.46, Cardano — by 4.2% to $ 0.28, Dogecoin — by 4.7% to $ 0.065.

Among the top 10 cryptocurrencies by market capitalization, Litecoin (LTC) suffered the most. The digital asset has fallen by 8.9% over the past 24 hours and is currently trading at $ 96.29. The market capitalization of LTC has dropped to $ 7.05 billion.

However, investors should not rush to get rid of LTC, analysts said. In August this year, a halving is expected to take place, which will result in a 50% reduction in miners' remuneration from 12.5 LTC to 6.25 LTC. According to the father of Litecoin, Charlie Lee, his digital asset has a chance to grow by more than 700% in the near future.

Litecoin is one of the first altcoins to be created, founded in 2011 by former Google engineer Charlie Lee. He sought to create a lighter version of Bitcoin that would allow for almost instant and inexpensive payments. Litecoin used the code and some of the features of bitcoin in its blockchain, but prioritized the speed of transaction confirmation.

Because of its similarities to BTC, the Litecoin blockchain is used as a testbed for developers to experiment with technologies they want to implement in Bitcoin. Similar to BTC, it is deflationary in nature and halves every 840,000 blocks (approximately every 4 years).