Here is how much investment you would have by now if you invested $1,000 at the beginning of 2021. Just a week after the massive rally of Dogecoin, during which, for the first time, the coin reached the 70-cent mark after the appearance of Elon Musk on Saturday Night Live. Ethereum took its turn in the spotlight after this event.
In recent days, the coin nearly doubled in value. By market cap, the second-biggest cryptocurrency in the world now costs more than $4,000 per coin. However, it was just $176 a year ago.
Reddit threads and tweets fueled the rise of Dogecoin. Unlike Dogecoin, institutional investors support Ethereum, and it also is a choice of blockbuster multimillion-dollar NFT transactions.
Like bitcoin, it works on blockchain technology. However, Mark Cuban sees it as a higher utilization. On the Ethereum network, people can build apps as an example of a decentralized internet.
Dogecoin started to be a joke, and it still is a joke. However, many serious cryptocurrency investors are laughing all the way to the bank.
New Stars in The Market
On Monday morning, Ethereum hit a new record high of over $4,110.
Ether is considered the second most valuable cryptocurrency in the world, which is trailing the only bitcoin.
So far this year, it has soared 466% and more than 31% in the past week. It is a result of the fact that it is a choice behind other popular non-fungible token transactions.
Ether is following bitcoin in market value. Currently, all of the ethereum in circulation is worth about $485 billion, while bitcoin’s market cap is just over $1 trillion. For all cryptocurrencies, ether and bitcoin make up about 64% of the total market value.
On Wall Street, bitcoin gained traction as a hedge against fluctuations and inflation. Square and PayPal also let customers buy, sell and hold the cryptocurrency.
However, Dogecoin is now the fourth-largest crypto in the world.
Still, Dogecoin is making up less than 4% of the total crypto market. After the appearance of Elon Musk in SNL, Dogecoin prices plunged more than 25% from about 66 cents to just over 55 cents.
There are some questions about Dogecoin if it has serious applications for the broader economy and other businesses.
On Sunday, Canadian research and development and consulting firm Geometric Energy announced that it was planning to launch on a SpaceX Falcon 9 rocket a lunar payload.