TL;DR: Litecoin (LTC) stands at a price of $93.31 with a market cap rank of #12 and a market cap dominance of 0.564%. It has a 24-hour trading volume of $845,332,172 and is currently on 268,798 watchlists. The community engagement is significant with 356,065 Reddit subscribers and 214,937 Twitter followers.

As one of the earliest spinoffs of Bitcoin, Litecoin (LTC) has established itself as a significant player in the cryptocurrency market. With a current price of $93.31, a market cap of $6.83 billion, and a position at #12 in the market cap ranking as of July 10, 2023, it offers a fascinating case for analysis. This article delves into Litecoin's market performance, community engagement, and potential future trends.

Market Performance

Litecoin's market performance is noteworthy. The cryptocurrency has a circulating supply of 73,328,233 LTC out of a maximum supply of 84,000,000 LTC. This indicates that about 87.3% of the total possible supply is currently in circulation. The 24-hour trading volume stands at $845,332,172, reflecting a healthy liquidity level.

The 24-hour price range was between $92.99 and $97.13. In the past week, the price has fluctuated between $93.25 and $112.23. These numbers show a reasonable level of volatility, which is common in the cryptocurrency market.

Litecoin's market cap dominance is 0.564%, placing it firmly in the top 20 cryptocurrencies. The ratio of the trading volume to the market cap is 0.1241, suggesting that a significant amount of Litecoin is changing hands relative to its total market value.

Community Engagement

The community surrounding a cryptocurrency can significantly influence its success. Litecoin's community appears to be robust, with 356,065 Reddit subscribers and 214,937 Twitter followers. This level of community engagement can foster growth and stability for the cryptocurrency.

There are, on average, 0.1 new hot posts per hour and 1.2 new comments per hour on Reddit, indicating a relatively active community discussion. This is complemented by an average of 387 active accounts.

Future Trends

Given Litecoin's strong market presence and community engagement, it's reasonable to predict that the cryptocurrency will maintain its position in the market. Factors such as future developments in the technology, regulatory changes, and shifts in market sentiment will play a critical role in shaping Litecoin's trajectory.

What Does the Market Cap of Litecoin Signify?

The market cap of Litecoin—currently at $6.83 billion—represents the total dollar market value of all of its outstanding coins. It's calculated by multiplying the current market price by the total supply of coins. A high market cap generally signifies a large, well-established cryptocurrency. In Litecoin's case, its market cap places it at the #12 rank among all cryptocurrencies, demonstrating its significance in the market.

How Does Community Engagement Influence Litecoin's Value?

Community engagement is a critical factor in the success of a cryptocurrency. A strong, active community can contribute to the stability and growth of the coin. For Litecoin, the large number of Reddit subscribers and Twitter followers suggests a high level of interest and engagement, which can drive demand and potentially increase the coin's value. It also means that information about the coin—such as updates or important news—can spread quickly, contributing to market reactions.