Dogecoin is once again on the ascendency on Tuesday after Elon Musk hinted that Tesla may soon offer online payments in the cryptocurrency.
It would be a major coup for the meme-inspired crypto, which the Tesla CEO has previously suggested could be the “currency of the internet”.
The price of ethereum has also surged, continuing its astonishing run that has taken it to a succession of new all-time highs over the last 10 days. The price surge has pushed the combined value of all cryptocurrencies to more than $2.5 trillion.
Bitcoin has also continued its recovery from the late April price crash, which saw it fall from around $65,000 to $48,000. It is currently trading at around $56,000 and has seen steady gains over the last few days. Other major cryptocurrencies have also seen substantial gains, with both bitcoin cash and cardano (ADA) rising by nearly a third in value over the last week.
You can follow all the latest updates of the crypto market below.
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
Charting dogecoin’s astonishing price rise over the last 12 months
Dogecoin’s latest gains look even more remarkable when zooming out on its price chart.
Since May 2020 the cryptocurrency has risen from just over two tenths of a cent to more than 60 cents, as this graph shows.
It is also nearly 60-times more valuable that the price spike it experienced in 2018. No other major cryptocurrency has performed this well during this time, in terms of percentage gains.
Anthony Cuthbertson6 May 2021 17:38
Dogecoin is now worth more than SpaceX
- Dogecoin market cap: $78 billion
- SpaceX market cap (estimated): $74 billion
I don’t know if Elon Musk would be happy or sad about that, given that he appears to have helped push dogecoin to new record highs.
It’s a remarkable stat nevertheless, especially considering where dogecoin was just one year ago. It has taken a 30,000 per cent price rise over the last 12 months to get to this point, though some analysts we spoke to today claim there could be more to come.
Dogecoin is currently trading at just above $0.60, having hit a new all-time high yesterday of $0.68, but the gathering momentum means $1 – and even potentially $5 – no longer seem unreachable.
You can read the full story here:
Anthony Cuthbertson6 May 2021 14:34
Another day, another ethereum ATH
Ethereum has once again hit a new all-time high on Thursday, reaching above $3,500 for the first time in its history.
The cryptocurrency’s price has now hit a new record on six of the last seven days, rising in price by more than 25 per cent in the process.
A new market report by the cryptocurrency exchange Kraken suggests the rally may “still be in the early innings”, with gains still far short of the 2017 bull run in percentage terms. According to Kraken’s analysis, the price could be heading towards $5,200.
“The multi-billion-dollar explosion in DeFi and this year’s NFT frenzy took place on applications built on Ethereum,” commented Pete Humiston, Manager of Kraken Intelligence, in an email to The Independent.
“Past performance does not indicate future prices, but the fact that ethereum remains resolutely at the heart of bleeding-edge activity and innovation in the industry – just as it did in the previous bull market – suggests ETH has plenty of upside potential.”
Anthony Cuthbertson6 May 2021 12:34
Bitcoin price awaits ‘2nd leg’ of bull market
Bitcoin has been relatively quiet in recent days, both in comparison to its typical movements, as well as other cryptocurrencies like dogecoin and ethereum.
After briefly falling below $54,000 on Tuesday, it has now jumped nearly $4,000.
Some market analysts claim it has been a consolidation period, ahead of another potential bull run towards $100,000 and beyond. Others predict a crash to around $30,000.
One of the most optimistic experts is PlanB, whose stock-to-flow model has proved impressively accurate up until now. He appears hopeful that we’re about to see another price surge.
Anthony Cuthbertson5 May 2021 17:23
Dogecoin’s march continues – as other cryptocurrencies stay static
Dogecoin is continuing to rise. It’s up 20 per cent over the last 24 hours – and 120 per cent over the last week.
Everything else is fairly flat. Bitcoin, for instance, is only up a little both over both the day and the week, and ethereum is even down.
Andrew Griffin5 May 2021 15:33