Ethereum and Dogecoin have reached new heights while Bitcoin struggles to get it going according to CoinDesk’s cryptocurrency price tracker. At the time of this writing, Ethereum has gone up 1.72% in the last 24 hours and Dogecoin flew up an amazing 35% in the same amount of time.
Ethereum and Dogecoin are now worth $3,376 and $0.55 respectively while Bitcoin continues to go down and is now worth around $54,000.
Ethereum’s new rise can be attributed to two recent occurrences: the introduction of NFTs and the latest move by the European Investment Bank or the EIB. On April 28, the EIB launched its very first digital bond of €100 million on the Ethereum blockchain alongside Goldman Sachs, Santander, and Societe Generale.
NFTs have played a big role in boosting Ethereum as the token mainly uses the Ethereum blockchain and a lot of brands and creators have started to utilize it like Elon Musk, NFL stars Eli and Peyton Manning to Pizza Hut and Taco Bell.
Dogecoin, on the other hand, has gotten its gains from the growing interest from people and institutions alike. I don’t think I need to explain how much of the recent interest and gains can be attributed to Elon Musk and his constant hyping of the crypto; in fact, in a recent Tweet, he referred to himself as ‘The Dogefather’ when advertising his upcoming SNL performance.
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
The other billionaire hype man Mark Cuban announced that the Dallas Mavericks will start accepting Dogecoin payments for things like tickets and merchandise and the Oakland Athletics have started doing the same.
Bitcoin, unfortunately, is still in the red since news broke that President Biden plans on implementing a capital gains tax hike; in fact, it’s gotten worse as at the time of this writing, the crypto has gone down 5% to be worth around $54,000. The good news is that Bitcoin is making somewhat of a return having gone back up about 87% but it’s still a far cry from the $64,000 people were enjoying before the fall.
It remains to be seen if and when Bitcoin will go back up.
Youngest Crypto Billionaire
As Ethereum hit the $3,500 mark, the crypto has made its creator Vitalik Buterin the world’s youngest cryptocurrency billionaire who holds about 333,500 Ether. Buterin first proposed Ethereum’s design and its platform back in 2013 in a white paper he wrote when he was just 19 years old.
— JUSTIN (@justintrimble) May 2, 2021
After being crowdfunded back in 2014, Ethereum went live in 2015 and over time, its blockchain has become the most actively used.
Shooting for the Moon
Currently, Ethereum has a market capitalization of almost $400 billion dollars exceeding the second-largest American bank, Bank of America. Some people remain optimistic towards the cryptocurrency with Nigel Green, founder, and CEO of deVere Group which is a financial advisory firm said that he believes Ethereum will hit $5,000.
Not financial advice.
— CZ 🔶 Binance (@cz_binance) May 4, 2021
Green says “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money.”