The crypto market frenzy of 2021 appears to be far from over, with both ethereum (ether) and cardano (ADA) hitting new all-time price highs on Wednesday.
Bitcoin cash is also on the rise, after surging by more than a third in value over the last week – and 8 per cent overnight – however its more famous cousin has been uncharacteristically stable in recent days.
Some cryptocurrency analysts believe that bitcoin is in a period of consolidation, having more than doubled in price since the start of the year, and the next few days could prove critical in determining its future trajectory.
Price predictions remain generally positive, with a panel of experts forecasting gains for most major cryptocurrencies in the coming months – though dogecoin’s unprecedented bull run this year has divided analysts, who are largely at a loss when it comes to justifying its unrivalled performance.
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Ethereum market cap surpasses JP Morgan Chase
Ethereum’s latest price high has pushed its market cap above $500 billion – greater than that of global banking giant JPMorgan Chase.
It also now outranks Bank of America, as well as payments giants Mastercard, PayPal and Visa, after seeing its overall value increase nearly six-fold since the start of the year. It’s also rapidly catching bitcoin’s market cap, which stands at just above $1 trillion.
Here’s what Jason Cozens, founder and CEO of fintech startup Glint, told The Independent about ethereum flipping JP Morgan Chase:
Anthony Cuthbertson12 May 2021 16:25
Goldman Sachs exec ‘quits job after making dogecoin fortune’
A Goldman Sachs executive has reportedly made a fortune from dogecoin and quit his job.
First reported by Efinancialcareers, Aziz McMahon left his role as head of emerging market sales at the banking giant thanks to a fruitful investment in the meme-based currency.
Dogecoin may have suffered a slight dip since Elon Musk propelled it to new heights over the weekend, but it is still up 1,000 per cent since the start of 2021.
We’ve got some analysis on what’s actually going on with dogecoin’s price right here:
Anthony Cuthbertson12 May 2021 13:22
Ethereum hits record high and ‘remains good buying opportunity’
The price of ethereum has once again hit a new all-time high on Wednesday, reaching above $4,360 according to CoinMarketCap.
The latest record comes after a new report suggested that the cryptocurrency is still “highly undervalued” and could still quintuple in price over the next four years.
When asked whether now is the best time to buy, sell or hold, the majority of a panel of academics and market analysts responded that despite the huge profits it remains a good buying opportunity.
You can read the full story here:
Anthony Cuthbertson12 May 2021 12:10
Bitcoin price heading to $250k?
A senior figure at a leading hedge fund has predicted that the price of bitcoin is heading to $250,000 by 2025.
“It’s just about network adoption and increased usage. This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value,” Mark Yusko, chief investment officer of the hedge fund Morgan Creek Capital Management, told CNBC.
It may sound bullish but his prediction is actually relatively conservative compared to a recent pool of experts, whose average guess was that bitcoin would hit $360,000 in the same time.
You can read the full story here:
Anthony Cuthbertson11 May 2021 17:57
Mark Zuckerberg owns Bitcoin! (Kind of)
Mark Zuckerberg has shared a photo of his two goats on Facebook, revealing that one of them is named Bitcoin.
The other is named Max – the same name as his daughter – so presumably he’s named them after things he loves.
It’s not clear whether the world’s fifth richest person actually holds any crypto, though as the CEO of Facebook he oversaw the failed Libra cryptocurrency.
Zuckerberg first detailed his interest in cryptocurrency and blockchain technology more broadly in his 2018 mission statement, posted to Facebook.
“There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands,” he wrote. “But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
Anthony Cuthbertson11 May 2021 14:33
Buy a Tesla with dogecoin?
A day after promising to launch dogecoin into space with the Doge-1 SpaceX mission, Elon Musk is once again helping drive up the price with his tweets – this time through Tesla.
The meme-loving magnate posted an online poll to Twitter asking his 53 million followers whether the electric car maker should begin accepting payments in dogecoin.
Nearly 2 million people have voted already, with more than three quarters of respondents saying that Tesla should accept dogecoin. It wouldn’t such a big jump, you’d imagine, given that they already sell cars in exchange for bitcoin.
You can read the full story here:
Anthony Cuthbertson11 May 2021 12:37
Elon Musk appears to be going some way to delivering on his promise to put a “literal dogecoin on the literal moon”, after announcing the Doge-1 mission via Twitter.
The SpaceX CEO’s tweet immediately caused dogecoin’s price to rebound, having dropped significantly following his appearance on Saturday Night Live.
Despite plugging the meme-based crypto on SNL, he also acknowledged its inherent lack of value. The price fell from a record all-time high above $0.70, to just over $0.40. At the time of posting, dogecoin is currently trading at around $0.54.
Anthony Cuthbertson10 May 2021 07:22
‘Buy cryptocurrencies only if you’re prepared to lose all your money’
Andrew Bailey, governor of the Bank of England, has made his feelings on cryptocurrencies very clear.
““They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” Bailey said.
“I’m going to say this very bluntly again,” he continued, “buy them only if you’re prepared to lose all your money.”
Andrew Griffin7 May 2021 17:45
Musk agrees Dogecoin is ‘stimulus for the people’
Mr Musk has replied to a fan who seemed to praise his hype of Dogecoin, agreeing with the take.
“That is how I feel about it,” Mr Musk wrote in reply. (It’s not clear whether he was referring to the tweet, image, or both.)
Andrew Griffin7 May 2021 15:39
Elon Musk urges caution
While still staying as positive as ever, Elon Musk has interestingly tweeted that people need to “invest with caution” in cryptocurrency.
Andrew Griffin7 May 2021 08:37