The attention of a lot of digital currency buffs and investors were caught by a recent assessment that was carried out by a site known as crypto51.app. By putting together a whole lot of different sources, the team behind the crypto51.app has assessed the approximate cost of a one hour 51 percent attack on different blockchains.
Charlie Lee’s Reaction
The creator of Litecoin – Charlie Lee, recently talked about this assessment in a tweet. Based on the assessment carried out by the crypto51 team and providing a lot of hash rate charts, Charlie Lee tries to prove that Litecoin (LTC) provides a healthy mining and high security.
According to the crypto51 team, this attack usually occurs when a miner with a blockchain processing power of more than 50 percent takes control of the entire network. The crypto51 team got their results after the assessment by aggregating the data from different sites such as CoinMarketCap, Mine the Coin, etc.
In his tweet, he said: “In lite of the recent 51 percent attack and the info of crypto51.app, rest assured that Litecoin (LTC) is super safe and mining is also very healthy. He said that hash rate is up 50x (past 12 months), pools are well distributed (largest 22 percent), and high capital costs to attack ($323-761MM + $38-50k/hr).”
The Current Value and Market Cap of Litecoin
The entire digital currency market is gradually gaining its momentum back from a market capitalization of $304 bln to $334 bln in the last twenty-four hours. At the time of writing, Litecoin (LTC) is sitting at the number six position on the list of top digital currencies in the world based on market cap, and the market cap of the digital currency is $6.9 billion. The digital currency is presently trading at $122 after an increase of 9.2 percent in the last twenty-four hours.