Litecoin's market value exceeds 2 billion US dollars. How to escape from the "cryptocurrency massacre"?

The global cryptocurrency community has been on edge over the past week. A depression that Cointelegraph has dubbed “crypto massacre” has gripped nearly all cryptocurrencies, with every cryptocurrency seemingly falling.

It feels like the end of the world, and many people are blaming a number of issues for this crypto market slump.

Some say the Bitcoin scaling debate is to blame for the drop, while others blame it on the DDoS attacks currently being suffered by Bitcoin exchanges.

But towards the end of last week, a ray of hope emerged, and various digital currencies emerged from the ruins and gradually rose. It has been fascinating to watch the rapid recovery of these cryptocurrencies, with some cryptocurrencies making significant gains while others have yet to recover their lost ground.

The cryptocurrency market is undergoing a sudden change

Earlier this week, a cryptocurrency called IOTA quickly took over the top 10 cryptocurrencies, ranking sixth by market cap. This caused Monero and ByteCoin to be squeezed out of the top 10.

This has also caused BitShares and Stratis to drop down the rankings, currently sitting at 9th and 10th place respectively in the market cap rankings. This has indeed caused some confusion in the cryptocurrency market landscape.

However, the IOTA craze was stopped by a DDOS attack on the only exchange that listed this cryptocurrency. Currently, this new currency is being squeezed to the 8th position.

Litecoin surges

However, the most fascinating thing is Litecoin. In fact, the Segregated Witness (SegWit) pioneer moved forward three places in a row, reaching the fourth place in the global cryptocurrency rankings last Saturday, surpassing IOTA, NEM and ETC, respectively, while Litecoin was still in the seventh place last Wednesday.

Litecoin hit $43.12 this morning, surpassing the $2 billion mark in market capitalization. The cryptocurrency has undergone a metamorphosis over the past few weeks.

First, Litecoin successfully activated SegWit, and the Litecoin team has stated that there have been no defects in SegWit so far. Then, Chinese exchanges lifted the ban on Bitcoin and Litecoin withdrawals. Finally, according to Babbitt, the Litecoin community welcomed the return of its founder Charlie Lee, who recently resigned from Coinbase and will focus on the development of Litecoin.