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Litecoin had another 50% growth day, peaking around $250. On Tuesday, the coin traded at $246.12, up 55.34% in the past 24 hours. With a market cap of $13 billion, Litecoin is now the size of the whole cryptocurrency market at the beginning of the year. 

Litecoin has many reasons to start breaking out, as it has lagged on the overheated market and was beaten down along with the rest of the altcoins. Another doubling of the price could potentially lead to a "flippening" with Bitcoin Cash. 

In a typical move of "miners follow the money", the hashing power for calculating the Litecoin network has increased sharply since May, going to more than 12 GH/s. This is still a fraction of the Bitcoin hashing power, but there are signs of demand for Scrypt miners, the L3 or newer models. 

Read More on Litecoin's Rise:

Litecoin News: Charlie Lee says Cryptos Threaten US Dollar; Litecoin Surges towards $200

Bullish on Litecoin Price: Top 5 Reasons for the Litecoin Boom

The Litecoin Foundation would also work more toward promoting the coin, which until now relied on trickle-down effects from the general market and rose more slowly compared to other digital assets.

But the current excitement may be short-lived, reminded Charlie Lee, the coin's creator, who until now abstained from promotional activities. 

Litecoin in the past days has gone through 20% corrections, so such a scenario is not out of the question, as no one knows how far the coin could be able to hold the higher price. At the same time, Litecoin keeps establishing itself as a coin for payments, recently getting added to the Steam ecosystem for in-game purchases. But with an appreciating price, Litecoin may be held more than it is spent. 

The theory that Litecoin rises because of withdrawal demand from Bitfinex does not hold too far, as the LTC price on Bitfinex is around $228, while GDAX has a premium at $253. The price is even higher than that on Bithumb, at $243, showing that Litecoin currently rises on interest related to Coinbase.