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Dogecoin, ethereum continue to sizzle, climb to new highs

Dogecoin was up more than 14 percent and was being traded at $0.4389 at 8.30 am in London, while ethereum went past $3,400.

May 04, 2021 / 03:49 PM IST
The use of Doge as official imagery for the digital currency has constantly connected it to memes on the internet (Image: Shutterstock)

The use of Doge as official imagery for the digital currency has constantly connected it to memes on the internet (Image: Shutterstock)

Cryptocurrencies dogecoin and ethereum on May 4 climb to all-time highs in London after a surge in institutional interest in both tokens.

Dogecoin was up by over 14 percent at 8.30 am in London and was being traded at $0.4389, Yahoo news reported. Ethereum, the second most popular cryptocurrency after bitocoin, was trading around 9 percent higher and broke the $3,400-mark. It was once being traded at its all-time high at $3,456.57 (£2,489.18). Bitcoin was down by around 3 percent.

Will institutional push help bitcoin become mainstream?

The rise of ethereum has been pegged to the growing institutional interest in cryptocurrency as a market as well as a growing number of developers building decentralised finance (also called DeFi appllications) on its blockchain platform.

In a boost to the currency, the European Investment Bank has said it will issue its first-ever digital bond on a public blockchain by using ethereum's technology.

Close

According to currency watchers FX Street, meme-inspired dogecoin had rallied about 250 percent from its intra-day low on April 23. Dogecoin had said it would offer it to trading platform eToro's 20 million users.

In another report, online banking platform Revolut announced that it would soon allow people to directly withdraw bitcoin from their platform, which may challenge the status quo, that have been set by other platforms such as Robinhood and PayPal (PYPL). There are reports that PayPal's cryptocurrency stablecoin is round the corner.
Moneycontrol News

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