Markets

Altcoins stumbled with the launch of new Dogecoin and Litecoin Miners

BIT Mining has launched a new and improved version of its Dogecoin and Litecoin miners. But Litecoin has had a rough ride this year, while Bitcoin has rallied. It’s clear that altcoins need all the help they can get with Bitcoin increasingly dominating the market.

The new BIT Mining model is called LD4 Displays High hash rates, energy efficient and has undergone extensive testing to ensure it outperforms previous versions. BIT Mining, which acquired mining hardware maker Bee Computing last year, has released three models of its ASIC miner for LD.

Dogecoin: A Reliable Competitor?

Meanwhile, altcoins are having rocky weeks as bitcoin’s dominance looks as if it could creep towards 50%. Bitcoin dominance is simply a measure of its overall cryptocurrency market share. Since the beginning of the year, it has increased by about 15%.

Also, the price of Litecoin has been very volatile in 2023. It rose from $65 to a year high of $102 in two months before dropping and then rising again. As of press time, it is at $88.28, with further price volatility expected given Bitcoin’s recent drop. Litecoin rock bottom came on March 11 when it fell to $67.46.

If LTC price breaks below $85, it could trigger bearish activity. However, staying above $80 could be a good sign for buyers to take control. The RSI and AO indicators show that the sellers still have a bit more power than the buyers.

One borrowed trader, Crypto Tony, He says He will be watching altcoins closely in the third and fourth quarters of 2023. He shared a chart showing DOGE surging to $0.17, up 117% from its current price of $0.078, after stumbling to $0.0090 in October and then reaching $0.017 in 2024.

The trader expects a recovery before a rally. DOGE has been through roughly two weeks since it fell on April 20th.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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