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.
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Litecoin is surging after Bitcoin futures launch
The alternative cryptocurrency was designed as a less energy-intensive blockchain coin.
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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.
The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries, a British research firm recently estimated.
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