Litecoin, Alternative to Bitcoin Rallies to $1USD

DELTA, British Columbia - April 1, 2013 - PRLog -- Litecoin, a more efficient competitor of the new Bitcoin virtual currency, hit $1 USD for the first time today. The chatroom on the btc-e.com website has been very busy all day as Litecoins made steady gains against the U.S. Dollar and Bitcoin, reaching a high of 1.00 LTC/USD and 0.011 BTC/LTC.

Speculation and rumours are spreading that a major site may soon announce they will accept Litecoins as a payment currency.

Like Bitcoins, Litecoins are currently used as a private, encrypted, virtual currrency between individuals, and on several websites including Atlantis, the equivalent to Silk Road for Bitcoins.

Litecoin is being hailed as a competing currency to Bitcoin, because it uses a more efficient algorithm that requires much less computing power to run.

Speculators are also being drawn to the infant currency because of its price as well. Trading at only a fraction of the price of Bitcoins, small investors and those interested in diversifying their crypto-currency portfolios have been buying and holding the currency.

Although, it is too soon to tell what the fate of the new lower priced virtual currency will be, some believe that the market for Litecoins has much room to grow.

Litecoins trade on the BTC-e.com virtual currency exchange, and wallets are available at the currency's website: http://litecoin.org/