Home Litecoin Litecoin Price Tumble & BitriseCoin Skyrockets

Litecoin Price Tumble & BitriseCoin Skyrockets

The recent crypto market price plunge affected almost all large cryptocurrencies, including Litecoin and others.

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The recent crypto market price plunge affected almost all large cryptocurrencies, including Litecoin and others. Perhaps Bitcoin was the most hit with a 20% plunge, which caused ripples in the entire market.

Even while the price of Litecoin was plummeting, other cryptocurrencies remained unaffected. Some even reported explosive growth. The Bitrise coin is one such cryptocurrency. It is still a mooning that managed to evade the Litecoin coin’s price shock.

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Bitrise is a peer-to-peer (P2P) network that allows users to earn, spend, and lend on a decentralized financial (DeFi) platform. In late July 2021, the cryptocurrency became live on the Coinmarketcap exchange. The Bitrise token grew against the flow due to great demand.

Bitrise currency managed to maintain demand strong amid the collapse in a variety of ways. One of them is the rapid development of the DeFi protocol.

The crew has worked hard to establish this project, and it is now one of the most rapidly growing DeFi initiatives. Even the Litecoin community is becoming interested in this.

The team has already produced Bitrise Audits, Techrate Audit, and a dApp wallet barely three months after the coin launch. Few DeFi programs have been able to achieve such results in just three months.

Bitrise Coin vs. Litecoin

The Bitrise team has announced the start of the staking procedure in just four months, which is a significant milestone for this project. One of the reasons why the coin price is rising while the price of Litecoin is falling is because of its rapid development.

Another reason the Bitrise coin is soaring, as opposed to the tumblingLitecoin, is its rewarding nature. Unlike Litecoin, more investors were buying the token because of the novel tokenomics that kept the coin increasing.

Bitirise is a hyper-deflationary coin that buys back tokens from the liquidity pool via a contract. The repurchase contract, which burns purchased tokens immediately after purchase to enhance token value and maintain a healthy floor price, receives 5% of the 12 percent tax on all transactions.

Another reason Bitrise currency is soaring while Litecoin is plummeting is the 4 percent of the 12 percent tax that is granted to token holders for just holding tokens. Every 60 minutes, the holding incentive is automatically paid to the holders’ wallet in BNB. Members of Litecoin are also attracted by the fixed reward.

Unlike Litecoin, Bitrise will continue to rise in the coming weeks. This growth will accelerate with the start of the staking procedure. Even Litecoin members drew in by the 80 percent APY staking money divided across staked tokens. When Litecoin was plummeting, speculators rushed to acquire staking tokens, sending the Bitrise coin surging.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Angela Lopez stepped into the Cryptocurrency world after her Journalism career and hasn't looked back since, writing about anything crypto-related. She started working with iBasetrading in October 2011.