Litecoin overtook IOTA and Ripple and became the fourth largest cryptocurrency

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Digital currency Litecoin overtook IOTA and Ripple and became the fourth largest cryptocurrency in terms of market capitalisation after bitcoin, ethereum and bitcoin cash.

With market capitalization of Rs 0.88 lakh crore,Litecoin was trading at Rs 16,313 at around 10.55 am (IST), according to the data available with coingecko.com. In the international markets, the currency is hovering at around $253.

On a year-to-date basis, litecoin has surged over 5,700% till December 12, whereas bitcoin has gained 1,550 per cent during the same period.

Litecoin is very similar to bitcoin in its technical implementation. Generating new litecoins is possible through mining as well. According to Deutsche Bank Wealth Management, Litecoin has an advantage in processing speed. Its 4x faster than bitcoin - a block is generated in 2.5 minutes. This keeps transaction costs low as they arise for faster confirmation of a transaction. Litecoin is also based on an uncomplex algorithm, which allows miners computing capacity for confirming a block, Deutsche Bank Wealth Management said in a report.