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

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

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

Ethereum does not cease at $3,500

Information from Cointelegraph Markets Professional and Tradingview adopted ETH/USD as the pair broke by means of its newest historic boundary and continued climbing.

On the time of writing, the most important altcoin by market cap was in pure price discovery mode as it sought resistance above $3,500.

The week had already seen new highs for Ether price each day, with seven-day beneficial properties 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 will probably go a lot greater,” Scott Melker informed Twitter followers.  

Brief-term price targets had known as for $5,000 whereas zooming out, $10,000 and even $20,000 weren’t unprecedented as Ether outperformed Bitcoin in greenback beneficial properties all through the previous yr.

Cryptocurrency market cap dominance chart. Supply: CoinMarketCap

Winklevoss calls Dogecoin “the folks’s cash”

On Tuesday, nevertheless, ETH was not alone. After somersaulting off its personal all-time highs final month, Dogecoin returned with a vengeance, abruptly crushing its private finest to move $0.50 for the primary time. 

Discovery of a brand new price 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 beneficial properties.

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

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

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

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

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