BITCOIN mania spread like wildfire last year as its massive rises and falls make headlines around the world - but it is not the only cryptocurrency making waves.

Digital investors have long been aware of Litecoin – which launched in 2011 and appears to be nearly identical to Bitcoin – with some notable differences. Here's what you need to know...

2 Light by name, not by nature: digital currency Litecoin has soared value over the past year Credit: Getty - Contributor

How to buy Litecoin and is it safe?

The cheapest, easiest way to purchase Litecoin is by using your Bitcoin currency at a site such as Bit Bargain.

You can also get hold of Litecoins by mining them, using standard computing equipment.

However, Litecoins have a less developed infrastructure than their heavyweight Bitcoin brother, meaning they're more difficult to purchase.

The best way for novices to purchase is certainly through using an existing Bitcoin stash.

2 Litecoin was launched in 2011, the digital sibling of Bitcoin Credit: Alamy

Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.

Their 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.

Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.

Today the US Securities and Exchange Commission halted a multi-million dollar digital token sale by California-based restaurant review app firm Munchee.

SEC chairman Jay Clayton said there were substantially more opportunities for fraud from initial coin offerings.

The US regulator also warned consumers of the dangers of investing in crypto-currencies issued by firms - the latest in a string of warnings from global regulators.



What is its price?

Litecoin has been struggling in the early part 2018, as have all cryptocurrencies.

According to the tracker CoinGecko, its price slumped from £213.70 ($289.93) on January 6 to just £87.80 ($122.64) a month later.

It's recovered somewhat since then, and is currently valued at £161.49 ($224.76).

Bitcoin's crash in 2018 has been called "the biggest bubble in history".

It was sparked after Coinmarketcap removed prices from South Korean exchanges without warning.

Prices on South Korean exchanges are typically up to 30 per cent higher than in other countries.

The widely used research site’s 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 but prices are expected to stabilise soon.

Litecoin started out 2017 at $4.33 - meaning the digital currency enjoyed extraordinary growth last year.

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Is the cryptocurrency as valuable as Bitcoin?

Bitcoin has enjoyed a meteoric rise this year - but its younger sibling Litecoin actually has more than twice its year-to-date gain.

Compared to its 4,215 per cent rise in value, Bitcoin's 1,800 per cent rise pales in comparison.

But Litecoin is considerably cheaper at the moment.