“A thread about the transaction was the third most popular post on the litecoin sub-Reddit on Friday afternoon. Reddit users were impressed by data showing the transaction took just 2.5 minutes to settle and cost only $0.40 in mining fees,” reports Business Insider.
At this writing Sunday, litecoin was the sixth-largest cryptocurrency with a market value of $8.33 billion. Litecoin, which was created in 2011, has been dubbed the silver to bitcoin's gold. Litecoin was created to be a faster, more cost-competitive alternative to bitcoin.
Chart Courtesy: Coinmarketcap.com
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Litecoin features faster coin generation than bitcoin and the former’s algorithm is script-based rather than the SHA-256 behind bitcoin’s algorithm. Litecoin is more easily obtained than bitcoin.
“Some proponents of cryptocurrencies such as litecoin and Ripple's XRP say it has the potential to provide a cheaper, quicker, and more reliable alternative to the current payment rails, particularly when it comes to international transactions,” according to Business Insider.
Recently, Korean exchange operator Korbit said it will make litecoin available on its platform. According to litecoin founder Charlie Lee, Gemini is the only major digital currency exchange currently not offering litecoin on its platform.
Litecoin prices have rallied from $116 on April 1st to over $148 at this writing, prompting some technical analysts to point to $175 as the next level for a potentially lucrative upside breakout for the cryptocurrency.