Crypto markets are rallying today as traders reassess the risks of crypto asset management firm Genesis going under. Bitcoin (BTC) posted a 5% gain in the last 24 hours and traded above $16,000 after hitting its two-year low yesterday.
However, the rally does not mean that traders are ready to take reckless risks. The markets are now looking for stability, and they are turning to Litecoin (LTC). The digital asset dubbed “Digital Silver” has taken a huge leap of 28% over 24 hours.
The week has been great for Litecoin as well. The Bitcoin fork is up 37% over the last seven days. As the crypto markets were in turmoil, Litecoin was the biggest winner. The proof-of-work coin is now the world’s thirteenth-largest cryptocurrency by market capitalization.
The FTX collapse and the potential contagion from it are spreading mistrust toward centralized projects. Investment bank JPMorgan pointed out that the recent crypto collapses were all centralized entities: Three Arrows
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