Ethereum hits a record over $4K bitcoin floats above $58K

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Created by TradeOr

3rd Party Analysis 10 May 2021

Key Takeaways:

  • Ethereum blasts through $4,100 in a rally of 15 straight days of gains
  • Bitcoin moves above the resistance of $58,000, higher by 2% on Monday

Ethereum’s Value Keep Skyrocketing

Ether, the cryptocurrency running on the Ethereum network, passed the $4,000 milestone earlier today. A year ago, the Ether token was worth around $180. A year later, the second-largest cryptocurrency hit a record high of $4,120. This is a rise of over 2,100%. Ether is now boasting a market capitalization of nearly $500bn. The digital currency is now in a rally of 15 consecutive winning days. This rally boosted the coin’s value by 90%.

Bitcoin, on the other hand, now holds a market valuation of $1.1tn as its price hovers around $58,800. On Friday, bitcoin was able to break above the $58,000 mark which was keeping a lid on the asset since the beginning of May. The bitcoin rally, however, has now subsided as other cryptocurrencies, also called altcoins, have taken up most of the attention.

The strong performance today in the price of Ether produced a break of the $4,000 milestone just one week after the crypto asset hit $3,000 for the first time. While both bitcoin and ether are cryptocurrencies, they run on different blockchains as each of them has their own native blockchain network.

How Did Other Cryptocurrencies Perform?

Even though Bitcoin has characteristics of means of payment, Bitcoin is generally used more like digital gold or an investment instrument and a speculative asset. The Ethereum network, on the other hand, is used to power altcoins, such as Dogecoin. In order to get to Dogecoin or various other alternative coins, some exchanges and liquidity pools require crypto traders to first purchase Ether as those exchanges allow the buying and selling of altcoins using Ether, not Bitcoin.

Dogecoin, the crypto asset initially founded as a joke in 2013, on Saturday swell to $0.75 prior to Elon Musk’s SNL appearance. Doge investors and traders were holding their breath in anticipation that the self-proclaimed “Dogefather” will push the token’s price to $1. While he did mention Dogecoin in his comments by calling it a “hustle”, Mr. Musk did not bring anything significant to please investors and soon after Dogecoin slipped as much as 45%, reaching $0.42. Presently, the price has recovered a bit and is now hovering around $0.54.

 

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