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Cryptocurrency ethereum might be doing well, but dogecoin is doing better.
As it stands, ethereum is the second-largest cryptocurrency after bitcoin and soared in price once again this past week adding 25% to its gains. So far this year, it’s value has increased by a staggering 300%.
In the wake of these gains, reportedly the cryptocurrency hit the benchmark of $3,000 per ether as of today, May 3.
According to Reuters via Yahoo Sports, ether has hit $3,051.99 in value, meaning that it’s on its way to catching up with bitcoin’s 2020 success.
Discussing the ongoing rally between ether and bitcoin, Hong Kong cryptocurrency private wealth manager James Quinn said, ‘At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call.’
‘But as the rally has matured over the last six months, you have DeFi [decentralised finance] and a lot of DeFi is built on ethereum,’ he added.
Ethereum has also been described as ‘the backbone of the crypto-native economy’.
As per Forbes, JPMorgan analysts said:
Bitcoin is more of a crypto commodity than currency and competes with gold as a store of value, whereas ethereum is the backbone of the crypto-native economy. To the extent owning a share of this potential activity is more valuable […] ethereum should outperform bitcoin over the long run.
However, while it’s doing well, dogecoin doubled ether’s percentage increase over the last week and added 50% to its value.
Linking to this, dogecoin has also trumped ethereum’s 2021 gains and has seen a staggering 5,000% increase.
Despite critics of the meme-related currency stating that it was likely to crash as quickly and it has risen, so far dogecoin appears to have held its ground, Forbes added. There are hopes that dogecoin will eventually hit the $1 mark.
Undeniably, one of the largest sources of dogecoin’s recent success is down to Tesla and SpaceX founder, Elon Musk.
Since the beginning of the year, Musk has shared a series of tweets relating the cryptocurrency which has seen its value skyrocket each time.
Most recently he branded himself ‘The Dogefather‘ which later saw dogecoin double in value to $0.50.
While bitcoin and etheruem sit pretty at the top of the cryptocurrency table, it’s reported that dogecoin is not only on its way to making the top 10, but could see itself in the top five in the not-so-distant future. As of May 1, its overall value sat at $50 billion, compared to bitcoin’s $1 trillion.
It’s safe to say dogecoin is going up in the world.
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