#2 | Mining news for Dogecoin (DOGE) and Litecoin (LTC) at the beginning of January 2024

#2 | Mining news for Dogecoin (DOGE) and Litecoin (LTC) at the beginning of January 2024

The price drop of Litecoin: Litecoin (LTC) reached a price below $70, despite the bullish trend at the end of December of the previous year.

Analysis of the situation with Dogecoin and Litecoin:
  • On January 4th, the price of Dogecoin (DOGE) dropped by 10%, adding to significant losses that occurred earlier. In this context, significant volumes of DOGE are noted to be moving, which may indicate widespread market changes that could have affected Litecoin as well.
  • According to Bitcoinist, Elon Musk recently stated on Twitter Space that he still holds Dogecoin (DOGE), which is his favorite coin in the cryptocurrency industry. Additionally, Musk mentioned that SpaceX holds a significant amount of Bitcoin. However, Tesla had previously liquidated 75% of its Bitcoin holdings.

The decision of the Federal Reserve and its impact: The decision of the U.S. Federal Reserve to maintain interest rates at the current level and signals of possible rate cuts in 2024 had a positive impact on cryptocurrencies, potentially affecting LTC mining activity.

Stability of Litecoin: Litecoin demonstrated resilience, supported by positive statistical data and real-world dominance, although there are challenges in the mining sector that require attention.

Forecasts for mining companies: Investors can expect high returns from buying a diversified portfolio of public mining companies, according to a report.

Decision on Bitcoin ETF: Mining company stocks came under pressure amid the ongoing drama surrounding Bitcoin; most of them remain in a narrow price range.

These data can be used to get a general overview of the state of Litecoin and Dogecoin mining in January 2024. Besides the direct impact on LTC mining, the mentioned events may also have indirect effects through changes in the overall market climate and regulatory conditions.