Bitcoin isn't the only cryptocurrency out there.

An alternative called Litecoin is starting to gain traction.

Bitcoin and Litecoin are incredibly similar. Both are decentralized electronic currency, meaning that they aren't linked in any way to big banks. They're independent. And where the money supply of US dollars is always fluctuating, both Bitcoin and Litecoin will reach eventually reach a gross sum and maintain a finite, unchanging supply.

Circulation of Bitcoins will be capped at 21 million, Litecoin at 84 million.

Think of Litecoin as the silver to Bitcoin's gold. Just like in the physical silver and gold markets, Litecoin is trading at less than Bitcoin, but there's more of it.

Litecoin is gaining popularity because of the ways it differs from Bitcoin; Litecoin transactions take only 2.5 minutes to process while Bitcoin transactions can take up to ten minutes to complete.

The way the currencies are secured is different too.

Litecoin utilizes something called "scrypt," which is basically something built into Litecoins that make it really really hard to replicate or steal. The technology requires huge amounts of memory to infiltrate, which translates into a far more expensive process to virtually counterfeit.

At the time of writing, one Litecoin is worth $2.37 and one Bitcoin is worth $108, but with the extreme volatility observed in the Bitcoin market, it might be worth it to keep an eye on Litecoin.