Altcoins Falter as New Dogecoin and Litecoin Miners Launch

BIT Mining has launched a new and improved version of its Dogecoin and Litecoin mining machines. But Litecoin has had a rough ride this year, while Bitcoin surges. Clearly, altcoins need all the help they can get as Bitcoin’s market dominance creeps ever higher.

Dubbed LD4, BIT Mining’s new model purports to offer high hash rates and energy efficiency and has undergone extensive testing to ensure its superiority over previous versions. BIT Mining, which acquired mining hardware producer Bee Computing last year, has now released three models of LD-specific ASIC mining machines.

Dogecoin: A Credible Challenger?

Meanwhile, altcoins are having a rocky few weeks as Bitcoin’s dominance looks as if it may creep toward 50%. Bitcoin dominance is, simply, a measure of its overall share of the crypto market. Since the beginning of the year, it has increased by around 15%.

Also, Litecoin’s price has been highly volatile in 2023. Rising from $65 to a year-high of $102 in two months before declining and rising again. As of press time, it sits at $88.28, with further price fluctuations expected given Bitcoin‘s recent dip. Litecoin’s nadir came on March 11 when it dropped to as low as $67.46.

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

One pseudonymous trader, Crypto Tony, says he will be closely watching altcoins in the third and fourth quarters of 2023. He shared a chart that shows DOGE rallying to $0.17, a 117% increase from its current price of $0.078, after a tumble to $0.0090 in October and then reaching $0.017 in 2024.

The trader is expecting an upswing before the rally. DOGE has had a rough couple of weeks after dropping on April 20.