What is Litecoin and why is the price going up?
LITECOIN launched in 2011 and is similar to Bitcoin.
We explain everything you need to know about the cryptocurrency and why the price is going up.
Investing in cryptocurrency is VERY risky. It is not a guaranteed way to make money, so you need to make sure you know the risks and can afford to lose any money you invest.
That's because crypto investments can be extremely volatile meaning your cash will can go down as well as up.
What is Litecoin?
It is a cryptocurrency similar to Bitcoin.
It was launched in 2011 by former Google engineer Charlie Lee in reaction to Bitcoin.
That means its price is often highly affected by Bitcoin's price.
It is much smaller than Bitcoin though.
It can be bought via an exchange or mined using a mining rig.
Cryptocurrency values are volatile, with the ability to plummet as quickly as they shoot up.
And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.
They are also hugely complex and you should never invest unless you understand how they work.
There are no guarantees that you can convert your crypto assets back to cash.
Also you may find that the fees and charges are higher than regulated products.
Crypto assets are not regulated in the same way that other investment products are, so for example if something goes wrong you can't take your complaint to the financial ombudsman.
Also, it means that firms are not held up to the same rules or guidelines as other investing companies.
What is its price?
The cryptocurrency is worth £228 today on May 4 at midday, according to Coinbase.
Three years ago, its price slumped from £213.70 ($289.93) at the beginning of the year, to just £87.80 ($122.64) a month later.
So it it easy to see how the price can be unpredictable and fluctuate over time.
Bitcoin's crash in 2018 was dubbed "the biggest bubble in history".
It was sparked after Coinmarketcap removed prices from South Korean exchanges without warning.
The decision to exclude average price data from Bithumb, Coinone and Korbit resulted in a sudden drop in displayed prices.
This sparked panic and confusion amongst investors.
Is the cryptocurrency as valuable as Bitcoin?
As of March this year, Bitcoin's market cap is $1trillion, while Litecoin's is around $13.7billion.
Litecoin can produce more coins than Bitcoin and its transaction speed is faster, but this doesn't necessarily impact the value or usability of the currency.
But Bitcoin still dominates the market and is the best known cryptocurrency right now - its closest competitor is Ethereum, the second-largest cryptocurrency, which has a market cap of nearly $212 billion.
more on money
Dogecoin is another cryptocurrency on the rise but we explain the dangers of buying it since it has gained such fast popularity.
That's as last month investors were urged to avoid new cryptocurrencies called PooCoin and SafeMoon on the chance they'd lose their cash.
Some are gaining legitimacy though, thanks to mainstream companies like PayPal and Facebook, but we explain the differences between each cryptocurrency for you.