Litecoin, the silver to bitcoin’s gold, is on track to finish the year on a strong note. The cryptocurrency is already up by 5,800 percent this year and set a new record by surpassing $300 this morning. At 14:35 UTC, the cryptocurrency was trading at $341.72, a spectacular increase of 90.42% in the last 24 hours.

Litcoin's total market capitalization is $18.3 billion, a $6 billion jump in the last 24 hours, as of this writing. (See also: Is Litecoin The Future Of Cryptocurrency?)

While it has not announced significant updates, Litecoin has experienced a spike in trading volumes within the last week. There could be multiple reasons for investor interest in the cryptocurrency. For example, Charlie Hayter, founder of cryptocompare, told CNBC that Litecoin typically receives a boost when bitcoin slows. (See also: Litecoin's Phenomenal Year.) 

But bitcoin’s price itself has been surging on the back of a futures trading debut. Interest from investors in Asia could be a possible explanation.  Bitcoin is responsible for 34.76% of all trades at Bithumb, a South Korea-based exchange.

"As the wealth of those holding bitcoin continues to rise, especially among traders based in Asia, naturally they will be seeking to diversify their portfolio into other crypto-assets," Thomas Glucksman, a cryptotrader, told CNBC. 

Another possible reason could be investor interest in alternative cryptocurrencies after bitcoin’s successful debut on futures markets. In recent times, attention has focused on the surge in bitcoin’s memory pool, which holds bitcoin transactions that have not been validated. Over the weekend, developers speculated that it could be the result of a spam attack.

In contrast, Litecoin offers a “drama-free” community, faster transaction speeds, and a larger supply of coins(84 million to bitcoin’s 21 million). It may be likely that investors see potential growth in the cryptocurrency’s stable ecosystem. 

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