Bitcoin is being pitted against newcomers. But, there is indeed a reason why this new cryptourrecy is getting leverage. Litecoin, the fifth-largest cryptocurrency by value and rival to bitcoin, has rallied nearly 1,400 percent since the start of the year after hitting a record high price.

Litecoin is a cryptocurrency founded by Charlie Lee. It has a market capitalization of around $3.28 billion according to Coinmarketcap.com. This makes it the fifth-biggest digital currency behind ripple, bitcoin cash, ethereum, and bitcoin, which is the largest with a market cap of $72.4 billion. Like bitcoin, it runs on a blockchain, which is a public ledger of transactions that can’t be tampered with.

There is a limited supply of 84 million litecoins, compared to 21 million bitcoin. Currently 52,679,982 litecoin and 16,530,563 bitcoin are in circulation. Litecoin transactions currently take just over 2 minutes to go through compared to about 100 minutes for bitcoin. Litecoin creator Charlie Lee recently explained that he sees the cryptocurrency as being a key player in payments, whereas bitcoin is more a store of value.

Bitcoin is said to always have that gold standard because it has the strongest and most secure network amongst other digital coins. Litecoin will go second to that and because bitcoin tends to cost more, Litecoin tansactions then will be less costly. Litecoin will then be known for making payments while bitcoin is solely for storage. Lee is a former Google employee who began the Litecoin project in 2011.

Gold and silver is like bitcoin and litecoin. It’s ethereum, bitcoin and ripple that have all seen big price rises this year. Earlier this year, the litecoin community activated an upgrade to the system called Segregated Witness or SegWit. This essentially increased the capacity of the blockchain and boosted transaction speed.

It’s the same process that happened with bitcoin a few weeks ago. Now the cryptocurrency world is looking forward to something called the Lightning Network. This is a new technology that aims to make transactions with cryptocurrency instant as well integrate the different digital coins.

Earlier this year, the litecoin community activated an upgrade to the system called Segregated Witness or SegWit. This essentially increased the capacity of the blockchain and boosted transaction speed. It’s the same process that happened with bitcoin a few weeks ago. Now the cryptocurrency world is looking forward to something called the Lightning Network. This is a new technology that aims to make transactions with cryptocurrency instant as well integrate the different digital coins.

Nearly 18 percent of litecoin buying is happening in bitcoin, which is also showing that current cryptocurrency investors are looking to diversify by having a combination of both coins. The synergy of both digital tokens will definitely work to anyone’s advantage at this point. In addition, regulation will bring an aura of legitimacy to the country’s burgeoning speculative cryptocurrency market and will encourage more participation from individual and institutional investors. The future of cryptocurrency certainly includes litecoin and that breaks the monopoly altogether.