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Litecoin Experiences Meteoric 873% Rise
Investors in Litecoin have made a lot of money in the past few days. Just 5 days ago, the crypto currency was valued at 0.676 USD per Litecoin. The cryptocoin shot up to a high of $5.90 USD today (April 3, 2013) for a 5 day percentage 873%.
During today's Mt. Gox outage, and Instawallet's reported closing until further notice, the price of LTC remained fairly stable, hitting a low of 2.66, only to return to $4.20 an hour later.
The currency seems to be fairly resilient, as hordes of new investors have been buying the coins as a result of the announcement that Mt. Gox will be listing litecoins on their exchange.
Speculation abounds as to what the real value of litecoin is compared to its biggest competitor bitcoin. Given the fact that litecoins are programmed to issue roughly 4X as many coins as bitcoin, prices of $25 - $30 are often mention in chatrooms.
However, given litecoin's more efficient algorithm some believe that the currency could even surpass the value of bitcoins. The trend seems to be for sites and exchanges to be adding support for more than one crypto-currency, and it looks as if litecoin is the next rising star.