Ethereum, the second largest cryptocurrency after Bitcoin, is up this week, increasing its already enormous recent gains by a staggering 25%.
Ethereum price, now within reach of $ 3,000 per ether, was boosted by the European Investment Bank (EIB) first digital bond sale issued on the Ethereum blockchain and the praise of the Wall Street giant and Bitcoin -Converting JPMorgan to JPM cranked.
But even if Ethereum investors and developers celebrate the rising price of ether, the “joke” cryptocurrency Dogecoin is shooting further and faster – and has increased its price by almost 50% in the past week.
Dogecoin, a hilarious cryptocurrency originally developed as a “joke”, has seen its price soar … [+]
Dogecoin, based on the Shiba Inu Doge meme and a favorite of Tesla TSLA billionaire Elon Musk, has risen nearly 5,000% since its price explosion in January.
Dogecoin price has held up so far, and critics who warned about its price are likely to collapse as quickly as it has risen. And cryptocurrency traders hoping Dogecoin hits $ 1 – from around 38 cents – keep piling up.
Elon Musk, a longtime Dogecoin supporter who was voted CEO in a 2019 Twitter poll, helped boost Dogecoin price by regularly tweeting Dogecoin memes and jokes, most recently making his highly anticipated appearance next week on Saturday Night Live announced by posting: “The Dogefather.”
Dogecoin has entered the top ten cryptocurrency in the past few months and is expected to return to the top 5. The total market value is currently just under $ 50 billion. By comparison, Bitcoin now has a market capitalization of just over $ 1 trillion.
Ethereum, the opposite of cryptocurrency to Dogecoin in many ways, has more than tripled since the start of the year as it turns out to be the “backbone of the crypto-native economy”.
Dogecoin price is up nearly 50% this week, which brings in the combined Dogecoin tokens … [+]
This week, the European Union’s credit arm, the EIB, launched Ethereum digital bonds worth over $ 100 million. This led to claims by cryptocurrency and blockchain advocates that the financial market is ready to adopt crypto technology.
“Over time, I expect the centralized capital markets to be fully rewired to take advantage of the decentralized financial blockchain markets,” said Seamus Donoghue, vice president of strategic alliances at digital asset infrastructure provider Metaco, in emailed comments. “The rails for a new decentralized capital market are being built on Ethereum.”
Elsewhere, Ethereum investors welcomed a report from JPMorgan this week predicting that Ethereum will continue to outperform Bitcoin – something Ethereum has done by a factor of two in the past 12 months.
“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,” wrote JPMorgan analysts, headed by Joshua Younger.
“To the extent that it is more valuable to have a stake in this potential activity, Ethereum should outperform Bitcoin in the long run.”