Bitcoin prices continued their bullish run on Saturday, May 1, rising 6%, reaching nearly $ 58,000. But the world’s largest cryptocurrency has been overshadowed by the brilliance of its “little sister,” Ethereum, CNN Business confirms.
Ethereum, or ether in abbreviated form, reached a new historic high in yesterday’s session, trading above $ 2,900. Ether prices have nearly quadrupled this year, and have continued to rise 290% since January.
Bitcoin is also up and running in 2021, as its value nearly doubled. This cryptocurrency was largely driven by the fact that many companies and financial institutions, such as Tesla, Mastercard and BNY Mellon, support it.
The total value of all Ethereum in circulation is now around $ 333 million, CNN says, citing data from CoinMarketCap. On the other hand, Bitcoin has a market cap of approximately $ 1.1 billion.
While there are thousands of cryptocurrencies, Bitcoin and Ether account for nearly two-thirds of the entire global digital currency market, valued at $ 2.2 billion.
Among the other currencies that stand out in terms of market capitalization, for example, binance coin, polkadot, Tether, and cardano. But there is another one that won many fans, especially because of the huge praise given by one of its greatest advocates: Elon Musk, CEO of Tesla and SpaceX.
The euphoria surrounding Dogecoin
“Dogecoin is cryptocurrency for everyone”, “You don’t have to be an alpha dominant to own it,” “it’s neither tall nor tall, just the Doge.” These were some of the tweets posted on February 2 by Elon Musk, CEO and founder of North American electric car manufacturer Tesla, praising the cryptocurrency bearing the logo shiba inu, a Japanese breed of dog.
The dogecoin was created as a “joke coin” in December 2013, and it quickly conquered a vast online community and the fact that Elon Musk had recently praised it helped boost her fame.
In one of the tweets on February 2, Musk appeared in a photo where he reproduced a scene from the movie “The Lion King,” but instead of the lion father he was the same and in the place of his son Simba was Shiba Inu. The comment stated, “You are welcome.”
One of Musk’s followers, in euphoria, retweeted his tweet, saying, “Dogecoin is salvation! We must make sure that it reaches Mars quickly!” – A pun on Musk’s space adventure company, SpaceX, and at the same time a proposal to make it more valuable by helping everyone.
Elon Musk’s February 2 post series, who has 45 million followers on Twitter, caused a massive 68% spike in Dogecoin in that Thursday session, to $ 0.05. A few days later, on Sunday, February 7, it rose 65% to a record $ 0.083745. The new tweets helped, not only from Musk but also other celebrities, namely singers Snoop Dogg and Gene Simons.
Meanwhile, Dogecoin has reached an all-time high of $ 0.45 in the session from April 15-16, and it currently has a market cap of around $ 50 million – which puts it. In sixth place by market value.
By the end of January, Musk had already used his social network of choice to pay tribute to Dogecoin, which made it soaring. The CEO of Tesla has reiterated that it is his preferred digital asset, and in April 2019, he already posted a tweet saying that Dogecoin might be his favorite cryptocurrency, saying it was “very cool”.
This cryptocurrency, initially presented as an online parody based on the “doge” (Shiba Inu) memes that spread online, ended up winning many followers, as it was widely used as a “tip” for producers. Network content. Media like Reddit and Twitter.
In the past year, several TikTok digital influencer videos have already mentioned the dogecoin wealth opportunities. Now, with musk, interest has doubled.
No rest on weekends
“Thanks, Bitcoin! Traders say goodbye to quiet weekends.” This was how CNN Business, on April 19, launched work on cryptocurrencies and on the fact that investors in these types of assets cannot enjoy quiet weekends, because virtual currencies are also trading these days.
“Do you want to relax over the weekend? Then you probably won’t want to trade cryptocurrencies,” CNN stressed, noting the strong volatility that could also occur these days, at a time when the market is increasingly interested in digital currencies – and the strong appreciation. For a coin created just as a joke, the Dogecoin, is an example.
Market players have also been very excited to enter the Coinbase exchange, the first cryptocurrency buying and selling platform to be traded on the Nasdaq exchange – since April 14th, another clear sign of greater interest in this type of asset.
With cryptocurrency trading platforms open 24/7, anything can happen. Not only Monday through Friday, but also Saturday and Sunday.