Saturday, September 18, 2021

Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin

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Ether (ETH) hit $3,500 on Might 4 because the star of this week’s altcoin rally battled Dogecoin (DOGE) for returns supremacy.

ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Ether does not cease at $3,500

Knowledge from Cointelegraph Markets Pro and TradingView adopted ETH/USD because the pair broke by its newest historic boundary and continued climbing.

On the time of writing, the biggest altcoin by market capitalization was in pure worth discovery mode because it sought resistance above $3,500.

The week had already seen new highs for Ether’s worth every day, with seven-day good points standing at 36%.

Amongst analysts and merchants alike, the sense of pleasure on the day was palpable. 

“I’ve been calling for $3600 $ETH for effectively over a month, however suppose it could actually go a lot increased,” Scott Melker told Twitter followers.  

Quick-term worth targets have referred to as for $5,000, and whereas zooming out, $10,000 and even $20,000 are usually not unparalleled targets, as Ether has outperformed Bitcoin (BTC) in U.S. greenback good points all through the previous yr.

Cryptocurrency market cap dominance chart. Supply: CoinMarketCap

Winklevoss calls Dogecoin “the folks’s cash”

On Might 4, nonetheless, ETH was not alone. After somersaulting off its personal all-time highs final month, Dogecoin returned with a vengeance, abruptly crushing its private greatest to pass $0.50 for the primary time. 

Discovery of a brand new worth ceiling was likewise nonetheless in progress on the time of writing, with DOGE/USD taking out $0.55 on the again of 38% each day good points.

DOGE/USD 1-day candle chart (Bittrex). Supply: TradingView

The transfer got here as main trade Gemini introduced that it had built-in help for Dogecoin, a day after buying and selling platform eToro introduced the identical.

“Dogecoin is the folks’s cash. It’s natural, irreverent, and enjoyable,” co-founder Tyler Winklevoss commented.

Bitcoin predictably felt the warmth from the altcoin advance, shedding each market dominance and worth power to close $55,000 for the second time in 24 hours.