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(from the wikipedia page)
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released, Inspired by and technically nearly identical to bitcoin (BTC), Litecoin mining and transfer is based on an open source protocol and is not managed by any central authority.
After Bitcoin and Ethereum, Litecoin is the third-largest true cryptocurrency by market capitalization.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charles Lee, a former Google employee. It was a fork of the Bitcoin client, differing primarily by having a faster block generation time, increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI. During the month of November 2013, the value of Litecoin experienced massive growth which included a 100% leap within 24 hours.
Litecoin reached a $1 billion marketcap in November 2013. As of February 2016, its market capitalization is US$136,512,971