With all the Bitcoin hype, Litecoin surpasses the BILLION dollar market cap 

11/29/2013 - 00:00

Following yesterday’s news that Bitcoin had passed the $1000 mark, the halo effect continues this morning with the crypto-currency market capitalization site coinmarketcap.com reporting that Litecoin has joined the billion dollar virtual currency club. Litecoin is currently trading at $48.99 with a market cap of $1.14 billion dollars (as of writing).

Litecoin is among a group of alternative virtual currencies riding high on the recent popularity of the Bitcoin virtual currency. Litecoin as well as many other virtual currencies are typically derived from Bitcoin, also referred to as a crypto-currency. Essentially these virtual currencies are based on the principals of a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate the transactions and generation of the currency itself.