Bitcoin

The price of the Ethereum hits a record $ 3,500 as the Winklevoss exchange adds Dogecoin

Ether (ETH) hit $ 3,500 on May 4th as the star of this week’s altcoin rally battled Dogecoin (DOGE) for the dominance of returns.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: trade view

Ethereum doesn’t stop at $ 3,500

Data from Cointelegraph Markets Pro and Tradingview followed the ETH / USD pair as it broke its most recent all-time high and continued to rise.

At the time of this writing The largest altcoin by market cap was in pricing-only mode as it sought resistance above $ 3,500.

The price of the Ethereum hits a record $ 3,500 as the Winklevoss exchange adds Dogecoin
The price of the Ethereum hits a record $ 3,500 as the Winklevoss exchange adds Dogecoin

This week there were already daily new price increases for Ether with a profit of 36% within seven days.

The feeling of excitement of the day was palpable among both analysts and traders.

“I asked for $ 3,600 $ ETH for more than a month but I think it can go up a lot more “, He said Scott Melker to Twitter followers.

Short-term price targets had called for $ 5,000, $ 10,000 and even $ 20,000 were not uncommon as Ether outperformed Bitcoin in dollar gains last year.

Dominance chart of market capitalization of cryptocurrencies. Source: CoinMarketCap

Winklevoss calls Dogecoin “the people’s money”

However, ETH was not alone on Tuesday. After doing a somersault from its own all-time highs last month, Dogecoin returned with a vengeance and abruptly pushed his personal best to overtake $ 0.50 for the first time.

The discovery of a new price cap was also underway at the time of this writing, with the DOGE / USD pair hitting the $ 0.55 level thanks to daily gains of 38%.

1-day candlestick chart for DOGE / USD (Bittrex). Source: trade view

The move came when the major exchange Gemini announced the day after the eToro trading platform that it had built in support for Dogecoin.

“Dogecoin is people’s money. It’s organic, disrespectful, and fun.”, commented Co-founder Tyler Winklevoss.

As expected, Bitcoin (BTC) felt the heat of the advance of the altcoin, losing both market dominance and price strength to nearly $ 55,000 for the second time in 24 hours.

Similar Posts