Bitcoin Price Reaches Its New Yearly High After Breaking Above $5,500, Bitcoin Cash, Litecoin, and Other Altcoins Surging

  • Alex Morris
    📰 News

    Bitcoin is positioned to surpass the $6,000 mark after surging 5 percent during the Asian trading session this morning


Bitcoin Price Reaches Its New Yearly High After Breaking Above $5,500, Bitcoin Cash, Litecoin, and Other Altcoins Surging
Contents

Bitcoin has surged 5 percent in just one hour in what appears to be its first major breakout since Apr. 2. At the time of writing this article, the price of the number one coin is at $5,531, according to the data provided by CoinMarketCap.

Bitcoin price over the last 24 hours
‘With a 5 percent increase, Bitcoin is poised for a major breakout’, image by CoinMarketCap

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Testing new highs

The most recent price uptick allowed Bitcoin to record its another YTD high, extending its streak of gains this April. As reported by U.Today, this is very likely to be the third year in a row when Bitcoin ends up with double-digit gains in April. Over the past week, the price of the number one coin increased by more than 8 percent. The total market capitalization of Bitcoin is currently sitting at $97 mln.

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Will the momentum continue?

Traditionally, this move comes during the Asian trading session this morning. Full markets made their comeback after an Easter break. Now, its turn for European and Asian markets to keep up the momentum. If we are indeed dealing with a much-hyped Golden Cross event, it is reasonable to expect further price spikes.

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Alts are in the green

As expected, almost all top altcoins (save for Binance Coin) followed the bullish trend. Cardano and Bitcoin Cash appear to be the top gainers inside the top 10 after surging 9.24 percent and 6.19 percent respectively.

Cover image via www.123rf.com
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Litecoin (LTC) User Pays 200 LTC Fee to Transfer Slightly Under 9 LTC

  • Yuri Molchan
    📰 News

    A LTC user has recently✔️ ⏳ sent a small Litecoin amount and had to pay✔️ 💸 a 200 LTC fee for verification, even though s/he was only moving📈 8.88 LTC


Litecoin (LTC) User Pays 200 LTC Fee to Transfer Slightly Under 9 LTC
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Recently, a Litecoin user has made a transaction to send 8.88 LTC (slightly under $1,000). The network fee he had to pay for it was huge – a bit more than 200 LTC, though. That is $20,500.

Strange spike in LTC transaction fees

The news was reported by Litecoin.com, the Chinese mining pool LTC.Top included the expensive transaction into the block 1636831 and verified it, taking the abnormally big fee.

Instead of paying a regular fee of about $0.05 on the LTC network, the user had to pay $0.70 – a fee which miners collected in late 2017 when LTC was at the peak of its peak price at $400.

After that LTC and other altcoins lost 80 percent of their value along with Bitcoin.

The fee per kB totalled 83.23080000 LTC ($7,297.68)

The fee per kWU totalled 20.80770000 LTC ($1,824.42)

The fee per kVB equalled 83.23080000 LTC ($7,297.68)

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The abnormal fee should be returned

The transaction turned out to be a consolidation of funds. Since the first appearance of this address on the network, it has conducted slightly under 2,600 transactions with LTC.

Since funds are often added and removed from this address, Litecoin.com believes that it is a corporate wallet. Litecoin.com reports that most likely the accident was a pure error either based on human behaviour or on software error.

The website urges readers to reach out to the LTC.Top mining pool and get them to return the fee to the transaction maker.

Cover image via u.today
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