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What technology is Litecoin based on? (What causes the rise and fall of Litecoin)

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Litecoin is based on cryptography and blockchain technology, and is currently o

What technology is Litecoin based on? (What causes the rise and fall of Litecoin)

Litecoin is based on cryptography and blockchain technology, and is currently one of the most popular cryptocurrencies in the world. Litecoin ensures its price stability through a method called “elliptic curve”; at the same time, it uses a unique algorithm to make Bitcoin a trusted market participant. Additionally, due to its characteristics such as anonymity, immutability, security, and fast transaction speed, LTC has been widely accepted in development. But why issue its own digital asset? Litecoin is a non-sovereign currency because it is supported by computer code, not a system that can be controlled or managed by anyone, so it does not have any specific functions and features.

What causes the rise and fall of Litecoin

According to ambcrypto, based on data from the bitfinex trading platform, Litecoin reached a historical high of nearly $30,000 on September 2, 2017. But as the price grew, the rise and fall of LTC seemed to follow a similar trend to mainstream assets such as “Bitcoin” and “Ethereum” (ETH). According to Coinmarketcap data, Litecoin is one of the largest cryptocurrencies in terms of market capitalization (about $40 billion). Litecoin’s total value exceeded $1 billion in 2018; it performed well, similar to Bitcoin, but after surging to over $1,000 in April 2019, it dropped to around $2,000.

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