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Litecoin is surging after Bitcoin futures launch

Graham Rapier
Updated
bitcoin mining supercomputers
bitcoin mining supercomputers

Marko Ahtisaari/Flickr

Litecoin, the fifth-largest cryptocurrency by market cap, has gained more than 25% in value over the last 24 hours, reaching an intra-day high of $195.66 per coin.

The gains come the day after Cboe Global Markets, a a Chicago-based exchange operator, launched trading of Bitcoin futures contracts. Litecoin creator Charlie Lee also appeared on CNBC Monday morning, possibly fueling interest in the obscure cryptocurrency. 

Litecoin initially saw a hefty loss last week after Coinbase’s GDAX exchange crashed last week, briefly sagging below the $100 mark before this week’s skyrocket in price.

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Litecoin uses a slightly different mining technique than bitcoin, but has been largely left out of the cryptocurrency explosion. While the cryptocurrency has seen its value skyrocket by 4,975% this year, it’s still trading at just $187 per coin, compared to bitcoin’s $17,006. For comparison's sake, bitcoin is up 2,062% in the last 12 months.

The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries, a British research firm recently estimated.

Screen Shot 2017 12 11 at 3.16.48 PM
Screen Shot 2017 12 11 at 3.16.48 PM

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