Litecoin: The Bitcoin rival whose price has risen five times faster than its big brother

Bitcoin has continued its gravity-defying run in recent weeks, but another cryptocurrency has been catapulted into the public eye with an even more aggressive price spike.

Litecoin, a digital currency founded two years after Bitcoin, has shot up more than 8,000 per cent in the past year, far more than Bitcoin’s price which has topped $17,000 from around $1,000 in January.

Litecoin shot to more than $325 on December 11, up from around $4 at the start of the year, and it has grown nearly 400 per cent in the past month.

Growing interest in Bitcoin has boosted other cryptocurrencies, such as Ethereum and Litecoin, as they are caught up in the craze. Some users are thought to be buying into Litecoin simply to diversify away from it, others see it as a potentially more useful alternative to Bitcoin as a practical currency.

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The Author

Chinenye Nwabueze

Nwabueze is a communication researcher with several years of lecturing experience in Nigerian universities.

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