PA Images / Marco Verch Professional Photographer (CC-BY-2.0) / Flickr / UNILAD Edit
Cryptocurrency Ethereum could do well, but Dogecoin is doing better.
As it stands, Ethereum is the second largest cryptocurrency after Bitcoin and it has risen again over the past week, adding 25% to its profits. So far this year its value has increased by an incredible 300%.
In the wake of these gains, the cryptocurrency has reportedly hit the benchmark of $ 3,000 per ether as of today, May 3rd.
Ether is valued at $ 3,051.99, according to Reuters via Yahoo Sports, meaning it is well on its way to catching up with Bitcoin’s success in 2020.
Regarding the ongoing rally between Ether and Bitcoin, Hong Kong private cryptocurrency asset manager James Quinn said, “At first the rally was really led by Bitcoin as many institutional investors came into the room, this would be their natural first port.” Call. ‘
“But since the rally has matured over the past six months, you have DeFi [decentralised finance] and a lot of DeFi is based on Ethereum, ”he added.
Ethereum has also been described as “the backbone of the crypto-native economy”.
According to Forbes, JPMorgan analysts said:
Bitcoin is more of a crypto commodity than a currency, and competes with gold as a store of value, while Ethereum is the backbone of the crypto-native economy. To the extent that it is more valuable to have a stake in this potential activity […] Ethereum should outperform Bitcoin in the long run.
While doing well, Dogecoin has doubled the percentage increase in Ether in the past week, increasing its value by 50%.
In connection with this, Dogecoin has also surpassed Ethereum’s profits in 2021, seeing a staggering 5,000% increase.
Despite critics of the meme-related currency who said it likely crashed and rose just as quickly, Dogecoin appears to have held its own so far, Forbes added. There is hope that Dogecoin will eventually hit the $ 1 mark.
Twitter / @ elonmusk
Undeniably, one of the biggest sources of Dogecoin’s recent success is thanks to Tesla and SpaceX founder Elon Musk.
Since the beginning of the year, Musk has shared a number of tweets about the cryptocurrency, the value of which has skyrocketed each time.
Most recently he referred to himself as “The Dogefather”, which later doubled the value of Dogecoin to $ 0.50.
While Bitcoin and Etheruem are pretty much at the top of the cryptocurrency table, it is reported that Dogecoin is not only making its way into the top 10, but could see itself in the top 5 in the not-too-distant future. By May, its total value was $ 50 billion, compared to Bitcoin’s $ 1 trillion.
It is safe to say that Dogecoin is increasing in the world.