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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 thrill 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, on the opposite hand, continues to rally towards $4,000 as institutional curiosity in the altcoin soars and the approaching London laborious fork have buyers feeling additional bullish.

Information from Cointelegraph Markets and TradingView reveals that after briefly dipping to a low of $3,418 in the late hours on Might 8, Ether price regained its composure and proceeded to vault 13% to achieve 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 lately detailed how Ether “may simply maintain till $5,000.”

Bitcoin (BTC) has used its outing of the highlight to quietly climb greater with bulls now trying to carry the price 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 recent customers acquired 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 in 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 price again under $0.68.

DOGE/USDT 4-hour chart. Supply: TradingView

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

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

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.

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