Dogecoin and ethereum have hit new all-time highs this week amid a crypto market frenzy. The price surges mean that the combined value of all cryptocurrencies is now greater than the market cap of Apple – the world’s most valuable company.
Bitcoin has also continued its recovery from the late April price crash, which saw it fall from around $65,000 to $48,000. It is currently trading at around $56,000 and has seen steady gains over the last few days.
The surprise jump in the price of dogecoin has been spurred on by tweets from Elon Musk and the announcement by the popular trading app eToro that it will now offer the meme-inspired cryptocurrency to its 20 million users. Dogecoin is up by nearly 20 per cent over the last 24 hours and by 60 per cent over the last week
Not all major cryptocurrencies experienced gains overnight, with both cardano (ADA) and bitcoin cash both falling in value by around 3 per cent.
Charting dogecoin’s astonishing price rise over the last 12 months
Dogecoin’s latest gains look even more remarkable when zooming out on its price chart.
Since May 2020 the cryptocurrency has risen from just over two tenths of a cent to more than 60 cents, as this graph shows.
It is also nearly 60-times more valuable that the price spike it experienced in 2018. No other major cryptocurrency has performed this well during this time, in terms of percentage gains.
Anthony Cuthbertson6 May 2021 17:38
Dogecoin is now worth more than SpaceX
- Dogecoin market cap: $78 billion
- SpaceX market cap (estimated): $74 billion
I don’t know if Elon Musk would be happy or sad about that, given that he appears to have helped push dogecoin to new record highs.
It’s a remarkable stat nevertheless, especially considering where dogecoin was just one year ago. It has taken a 30,000 per cent price rise over the last 12 months to get to this point, though some analysts we spoke to today claim there could be more to come.
Dogecoin is currently trading at just above $0.60, having hit a new all-time high yesterday of $0.68, but the gathering momentum means $1 – and even potentially $5 – no longer seem unreachable.
You can read the full story here:
Anthony Cuthbertson6 May 2021 14:34
Another day, another ethereum ATH
Ethereum has once again hit a new all-time high on Thursday, reaching above $3,500 for the first time in its history.
The cryptocurrency’s price has now hit a new record on six of the last seven days, rising in price by more than 25 per cent in the process.
A new market report by the cryptocurrency exchange Kraken suggests the rally may “still be in the early innings”, with gains still far short of the 2017 bull run in percentage terms. According to Kraken’s analysis, the price could be heading towards $5,200.
(Kraken Intelligence)
“The multi-billion-dollar explosion in DeFi and this year’s NFT frenzy took place on applications built on Ethereum,” commented Pete Humiston, Manager of Kraken Intelligence, in an email to The Independent.
“Past performance does not indicate future prices, but the fact that ethereum remains resolutely at the heart of bleeding-edge activity and innovation in the industry – just as it did in the previous bull market – suggests ETH has plenty of upside potential.”
Anthony Cuthbertson6 May 2021 12:34
Bitcoin price awaits ‘2nd leg’ of bull market
Bitcoin has been relatively quiet in recent days, both in comparison to its typical movements, as well as other cryptocurrencies like dogecoin and ethereum.
After briefly falling below $54,000 on Tuesday, it has now jumped nearly $4,000.
Some market analysts claim it has been a consolidation period, ahead of another potential bull run towards $100,000 and beyond. Others predict a crash to around $30,000.
One of the most optimistic experts is PlanB, whose stock-to-flow model has proved impressively accurate up until now. He appears hopeful that we’re about to see another price surge.
Anthony Cuthbertson5 May 2021 17:23
Dogecoin’s march continues – as other cryptocurrencies stay static
Dogecoin is continuing to rise. It’s up 20 per cent over the last 24 hours – and 120 per cent over the last week.
Everything else is fairly flat. Bitcoin, for instance, is only up a little both over both the day and the week, and ethereum is even down.
Andrew Griffin5 May 2021 15:33
Ethereum’s price momentum could see it ‘flip bitcoin’
The vast gains in ethereum could soon see it overtake bitcoin, that most famous of cryptocurrencies, according to some experts.
There are technical reasons that ethereum might function better as a cryptocurrency when compared with bitcoin, that could eventually drive changes in each of their prices.
Andrew Griffin5 May 2021 10:42
Gemini becomes latest exchange to add dogecoin support
Dogecoin’s price just received another major boost after the popular cryptocurrency exchange Gemini added support for it.
It is now trading above $0.56, having peaked today at $0.58, marking a 36 per cent gain over the last 24 hours. Just a week ago, it was less than half that price.
You can read the full story here:
Anthony Cuthbertson4 May 2021 21:22
Dogecoin price hits new all-time high
The price of dogecoin has just broken a new record, surging above $0.46 for the first time in its history.
The meme-inspired cryptocurrency is up nearly 20 per cent overnight, spurred on by the news that eToro has made it available to it 20 million users.
Dogecoin is currently trading at $0.4666 at the time of writing, according to CoinMarketCap, marking its highest ever price. By the time I’ve even finished writing this post it could be even higher.
Here’s some thoughts from Professor Carol Alexander on why dogecoin is on the ascendency once again:
Right now, dogecoin’s price is boosted by its RRR (retail-rebel-reddit) following: it costs so little, that retail investors can hold a lot of dogecoins; it has also taken over the `rebel’ role that bitcoin used to have (two fingers up to the establishment); and it has the backing of the same reddit forces that took on the big institutional investors with GameStop, who coordinate buying after Elon Musk blows the start whistle.
I think dogecoin might continue a (very bumpy) rise in price and during this time I really hope it recovers its origins. Dogecoin‘s founders set it up as a joke and used the money they gained for benevolent reasons, e.g. funding$25,000 for the Canadian bobsleigh team to compete in the Olympics and $50,000 for a water project in Nigeria. But since Musk took the leading role for dogecoinin 2017, he has just seen it as a game. If he wants dogecoin to have any fundamental economic value, he needs to direct it back towards its benevolent grass roots.
Carol Alexander, Professor of Finance at the University of Sussex Business School
Anthony Cuthbertson4 May 2021 09:05
Dogecoin now available on eToro
Dogecoin’s price has just surged above $0.40 and is approaching its all-time high after eToro made it available to its customers.
This is a major coup for the meme-inspired cryptocurrency, which until now has been missing from a number of key platforms like Coinbase.
eToro has more than 20 million registered users around the world – all of whom can now invest in dogecoin if they want to. It may be risky but the rewards so far this year have been remarkable and have outpaced those of other popular cryptocurrencies already offered by eToro.
You can read the full story here, together with analysis from a leading financial academic.
Anthony Cuthbertson3 May 2021 15:32
Cryptocurrency market now more valuable than Apple
The latest price gains across the cryptocurrency market have pushed it above the world’s most valuable company.
The overall combined value of all cryptocurrencies is now more than $2.3 trillion, which is more than $100 billion more than the market cap of Apple.
Bitcoin alone is worth more than $1.1 trillion, ranking it above the likes of Facebook and Tesla. Meanwhile, ethereum’s remarkable price surge has pushed it above PayPal, Bank of America and Nestle.
When listing assets by market cap – including precious metals, companies and cryptocurrencies – bitcoin sits eighth on the overall list. If all cryptocurrencies are combined, only gold ranks higher.
(CompaniesMarketCap)
Anthony Cuthbertson3 May 2021 09:16