Which digital money will be the next Bitcoin phenomenon?

 Price increases of up to 7,000% this year, Litecoin is expected to become the next Bitcoin phenomenon.

Virtual currency investors are expecting more price rises. Bitcoin 's frenzied rage led to waves of investment in other virtual currencies.

Along with Bitcoin, other alternatives are gaining momentum. Litecoin, for example, rose 60 percent last Wednesday, to a record $ 341.72, according to coinmarketcap.com .

Earlier this month, Litecoin was only at $ 88, and last year was $ 4.33. This year, when Bitcoin prices increased by 1,600%, Litecoin rose to 7,000%, although the last trading session last week dropped to 323 USD.

 By 2017, Bitcoin will increase by 1,600% while Litecoin will increase by 7,000%.

Bitcoin prices have risen sharply, reaching the $ 20,000 threshold, causing investors like fever. They are willing to spend money to buy other potential virtual currencies.

Says Jimmy Song, a Bitcoin developer in Austin, Texas, "Korean investors are raising virtual currency prices. They will buy any kind of virtual currency at cheap rates. "

Many virtual currencies are also gaining popularity as they are more widely accepted in Japan and Korea. This year alone, ICO funds raised more than $ 4 billion.

The virtual currency market is valued at $ 600 billion. Bitcoin alone accounted for $ 323 billion of this. The rest were Ethereum ($ 71 billion), Ripple ($ 29 billion), Bitcoin Cash ($ 32 billion) and Litecoin ($ 17.6 billion).

Twenty-six virtual currencies have a market value of over $ 1 billion. Prior to 2017, only Bitcoin and Ethereum reach this threshold.

Bitcoin price increases have led to the phenomenon of investors willing to spend money to buy any potential coin.

Launched in 2011 and once considered Bitcoin's leading alternative investment, Litecoin benefited greatly from Bitcoin's prevalence.

This is partly due to the fact that Coinbase's GDAX online platform has been trading Litecoin since the beginning.

However, Litecoin's father, Charlie Lee, warned on Twitter that investors should not expect the surge in Litecoin prices to last.

Meanwhile, Bitcoin was created by an anonymous person named Satoshi Nakamoto in 2009. Since this currency uses open source software, anyone can copy and create new variations with a few changes. That is why there are more than 1,000 coin to replace.

Charlie Lee is a software engineer who has worked for Google and Coinbase. In October 2011, he published his own version of Bitcoin - called Litecoin.

Lee has optimized some of Bitcoin's features to make Litecoin a faster, lower-cost platform. He usually refers to Bitcoin as gold and Litecoin as silver.

Compared to the new virtual currency, the Litecoin currency is more stable because there is a large community of developers behind. The development team is also highly regarded for its professionalism and prompt delivery of upgrades.

Although not comparable with Bitcoin but Litecoin is converging fully qualified to become high-value virtual currency in the future.