The last week in Crypto: Doge eclipses news of BTC and ETH record highs
|
Bitcoin
Bitcoin hit an all-time high last week of ~US$63,000. A rather strange number, psychologically speaking. To me, the strange number indicates that the cause of the record price was a somewhat unmotivated bull market. That is, the Bulls were aiming for a record price, mainly for the hell of it, but not wanting to push it further than they needed. The price of Bitcoin had been hovering around 60-62K for a little while. A little push was all that was needed to hit the new milestone.
Is the world now comfortable with a Bitcoin price of more than 50K? I think so, and it is unlikely to fall back down to a price sub 50K without a significant catalyst. Adoption would have to drop, or governments would have to start banning or restricting its use. Instead, I am predicting a new record of US$70,000 within a few weeks. 63K is not satisfying enough, while 70K feels like a milestone to write home about.
Dogecoin
It was hard to miss the news on Dogecoin last week. The OG meme coin started Monday at US$0.07 per coin. By the time I left the office on Friday evening, Doge was touching US$0.40 per coin and would reach new highs by the time I got home.
Perhaps the identity of the coin is shifting? On Monday, it was a meme coin, largely still considered a joke. By Friday, it was a serious crypto-asset. Perhaps it is now worthy of being added to the more speculative section of an investor’s portfolio alongside Bitcoin and Ethereum.
As I write, Dogecoin is priced at US$0.32 and holding remarkedly steady. Bulls and bears are both liking pushing the coin around the 30-cent range.
Cardano
Overtaken by Dogecoin in respect to market capitalisation, Cardano is now sitting at number seven, with a valuation of US$40 billion. Cardano didn’t warrant much attention last week during the bull run. The meagre gains made last Friday were gone by Monday, much like the rest of the top ten. A reversal of fortunes has occurred since last night, and Cardano is now sitting at US$1.26 and gaining on Dogecoin’s number 5 position.
Ethereum
Ethereum also hit a record high last week. But much like Bitcoin, its accomplishment was overshadowed by Dogecoins excessive price pump. After peaking on Thursday at ~US$2,500, the coin saw four days of bear pressure. Yesterday saw a reversal with one bull day worth two bears. Ethereum is currently trading at ~2,3K, but control is sliding over to the bears.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.