Ben Carlson, Columnist

Hunt for Next Bitcoin Will Spark Wilder Crypto Swings

New exchanges are creating a lottery for winners.

December 27, 2017 at 11:00 AM UTC

Ben Carlson is director of institutional asset management at Ritholtz Wealth Management. He is the author of "Organizational Alpha: How to Add Value in Institutional Asset Management."

A shot in the dark?
Photographer: Scott Olson/Bloomberg

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If you thought bitcoin has been on a wild ride, check what happened last week with litecoin.

The newer cryptocurrency, which is supposed to be a faster version of bitcoin with a larger supply of coins, increased from around $100 on Dec. 8 to more than $370 by Dec. 12, a gain of 270 percent. The price has come down, but even after a fall from the peak, litecoin is up more than 7,000 percent for 2017.