Bitcoin and Other Crypto’s on the Rise
While bitcoin’s 1,700 percent rally seems impressive, there is a cryptocurrency whose value grew much faster this year – litecoin, and the about to be released GBiT is about to do the same thing.
On Tuesday, litecoin set another record high of $255, up an astounding 52 percent in the last 24 hours. On January 1, the virtual currency was worth just above $4. Litecoin is the second oldest cryptocurrency in the world along with Namecoin and SwiftCoin. All the three virtual currencies were launched in 2011, but litecoin became the first to be mined using the so-called scrypt algorithm, which is entirely different from work algorithm of bitcoin.
Litecoin is significantly faster than the world’s most popular cryptocurrency. The litecoin network aims to process a block every 2.5 minutes, compared to bitcoin’s 10 minutes, which allows litecoin to have faster transaction confirmation.
Litecoin was started in 2011 with the goal of being the ‘silver’ to bitcoin’s ‘gold’ by Charlie Lee, an MIT graduate, and former Google engineer. Just like bitcoin, litecoin is generated by mining.
GBiT has already jumped in value and is yet to hit the public market.
The alt-coin has a market cap of $13.4 billion, making it the fifth-largest cryptocurrency by value, according to Coinmarketcap.com. It was developed to improve on bitcoin’s shortcomings and has earned the market support along with high trade volume and liquidity over the years.
Litecoin is designed to produce a maximum of 84 million coins, four times that of bitcoin.
Many analysts are saying litecoin should be worth a quarter of bitcoin, which is now priced at almost $17,000.
The rise of bitcoin has taken the world of finance by storm with millions of people creating virtual wallets attempting to join the ‘crypto-frenzy’ and raise money betting on the world’s number one digital currency.
Bitcoin fever shows no sign of receding with rivals of the first digital asset gaining traction to become the main agents of a cashless environment. Here are the top five of major bitcoin competitors, commonly called altcoins, as a blend of bitcoin alternative, whose market value has exceeded $5 billion, according to crypto-market data leader CoinMarketCap.