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Ethereum value closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

05/08/2021

Ethereum and Dogecoin hit new highs as buyers brace for Elon Musk’s SNL debut and Bitcoin bulls push the worth nearer to $60,000.

The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

A lot of the joy behind Dogecoin’s rally has been attributed to the upcoming look of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the favored Saturday Evening Reside comedy sketch present. Ether, however, continues to rally towards $4,000 as institutional curiosity within the altcoin soars and the approaching London exhausting fork have buyers feeling additional bullish.

Information from Cointelegraph Markets and TradingView reveals that after briefly dipping to a low of $3,418 within the late hours on Could 8, Ether value regained its composure and proceeded to vault 13% to achieve a brand new all-time excessive at $3,958. 

ETH/USDT 4-hour chart. Supply: TradingView

Whereas some have been shocked by the bullish motion from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who lately detailed how Ether “may simply maintain till $5,000.”

Bitcoin (BTC) has used its day trip of the highlight to quietly climb increased with bulls now making an attempt to carry the worth above $59,000.

Canine-themed ‘meme cash’ lead the pack

Dogecoin has emerged as one of many greatest mainstream consideration grabbers in cryptocurrency historical past as scores of recent customers obtained their first style of crypto buying and selling from the favored meme token.

The week-long build-up in momentum for DOGE led to a 25% surge within the early buying and selling hours on Saturday that lifted its worth to a brand new all-time excessive at $0.74 earlier than profit-taking dropped the worth again beneath $0.68.

DOGE/USDT 4-hour chart. Supply: TradingView

Because of the worldwide consideration that Dogecoin has attracted, numerous canine-themed tasks have arisen, together with Shiba In (SHIB), which burst onto the scene following a two-day rally that noticed its worth launch 1,100% increased to ascertain a brand new report excessive at $0.0000178.

The general cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance price is 44.8%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your personal analysis when making a call.