Friday, June 18, 2021

Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

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The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

A lot of the joy behind Dogecoin’s rally has been attributed to the upcoming look of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the favored Saturday Night time Dwell comedy sketch present. Ether, alternatively, continues to rally towards $4,000 as institutional curiosity within the altcoin soars and the approaching London hard fork have buyers feeling additional bullish.

Knowledge from Cointelegraph Markets and TradingView exhibits that after briefly dipping to a low of $3,418 within the late hours on Could 8, Ether value regained its composure and proceeded to vault 13% to succeed in a brand new all-time excessive at $3,958. 

ETH/USDT 4-hour chart. Supply: TradingView

Whereas some have been stunned by the bullish motion from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who just lately detailed how Ether “might simply maintain till $5,000.”

Bitcoin (BTC) has used its trip of the highlight to quietly climb larger with bulls now trying to carry the value above $59,000.

Canine-themed ‘meme cash’ lead the pack

Dogecoin has emerged as one of many greatest mainstream consideration grabbers in cryptocurrency historical past as scores of latest customers bought their first style of crypto buying and selling from the favored meme token.

The week-long build-up in momentum for DOGE led to a 25% surge within the early buying and selling hours on Saturday that lifted its worth to a brand new all-time excessive at $0.74 earlier than profit-taking dropped the value again beneath $0.68.

DOGE/USDT 4-hour chart. Supply: TradingView

Due to the worldwide consideration that Dogecoin has attracted, various canine-themed initiatives have arisen, together with Shiba In (SHIB), which burst onto the scene following a two-day rally that noticed its worth launch 1,100% larger to determine a brand new document excessive at $0.0000178.

The general cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance price is 44.8%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.