Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

ETHEREUM - UNITED STATES DOLLAR

(ETHUSD)
SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Cryptocurrency ethereum hits new record high again; dogecoin slumps

05/10/2021 | 03:40pm EDT
A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration

NEW YORK/LONDON/SINGAPORE (Reuters) -Cryptocurrency ethereum climbed to a new peak for a third straight day on Monday on continued optimism about further growth in decentralized finance or "DeFi", although some analysts said it was overvalued at current levels.

Ethereum has soared this year, fuelled by the boom in DeFi, which are platforms that facilitate crypto-denominated lending outside traditional banking. Many DeFi applications are embedded in the ethereum blockchain.

Ethereum, the second-largest coin by market capitalization, hit an all-time high of $4,200 and was last up around 5.2% at $4,133.40.

"The myriad possibilities of decentralized ledger technologies should be likened to a technological force of nature that will continue to disrupt finance and other businesses," said Paolo Ardoino, chief technology officer of cryptocurrency exchange Bitfinex.

An upcoming technical change to its software seen as reducing its supply has also provided a boost, while new institutional investors in the crypto sector have warmed to it amid a tepid quarter so far for bitcoin.

"(Crypto has) got a lot more institutional involvement than people who haven't followed the market believe," said Chris Weston, head of research at brokerage Pepperstone.

But some analysts said ethereum's increasing valuation was not underpinned by data of how widely it is used.

"The continued divergence of its price relative to network activity raise questions about its valuation," J.P. Morgan analysts wrote in a report to clients dated May 7.

Factors such as the number of active digital addresses in its network would be more consistent with a price of around $1,000, the U.S. bank said.

BITCOIN STAGNANT

Bitcoin, the largest cryptocurrency, rose to a three-week high above $59,600 on Monday. But it was last down 2.9% at $56,632.

Blockchain data provider Glassnode, in a research report on Monday, said there are indications that a portion of bitcoin capital is rotating toward ethereum and dogecoin.

Dogecoin, a recent outperformer, however, dropped sharply and was last down 10% at 48.2 cents, according to CoinGecko.com. The currency has been hurt by Tesla Inc chief Elon Musk calling it a "hustle."

Smaller cryptocurrencies, like dogecoin, known as "altcoins," have been in demand in the past few weeks, pushing bitcoin's share of the overall $2.5 trillion digital currency market to its lowest in around two years.

Dogecoin, which began as a social media joke in 2013, is up more than 700% in the last month. It hit a record high on Saturday of 73.15 cents, according to crypto data tracker CoinGecko.com.

Musk's commercial rocket company SpaceX said it would accept the meme-inspired cryptocurrency dogecoin as payment.

(Reporting by Tom Wilson in London, Tom Westbrook in Singapore, and Gertrude Chavez-Dreyfuss in New York; Editing by Jane Merriman and Lisa Shumaker)

By Gertrude Chavez-Dreyfuss, Tom Wilson and Tom Westbrook


© Reuters 2021
All news about ETHEREUM - UNITED STATES DOLLAR
11:11aSOS Shares Drop 7% After JV for Cryptocurrency Mining Operations
DJ
10:16aDGAP-NEWS  : Fantom Foundation: FTM, le jeton du géant de la finance décentralis..
DJ
12:11aEMEA MORNING BRIEFING  : Shares to Fall as Fed Shift Saps Confidence
DJ
06/18PRESS RELEASE  : DeFi Powerhouse Fantom's Native Token FTM Gets Listed on BitFin..
DJ
06/17MARKET CHATTER : MSCI May Launch Cryptocurrency Indexes
MT
06/17Index publisher MSCI looking at launch of crypto indexes
RE
06/16Doge Meme Sells for $4 Million Worth of Ethereum Coins
MT
06/15PRESS RELEASE : WISeKey's TrustedNFT Platform to Turn Patents into Non-Fungible ..
DJ
06/15World Wide Web code that changed the world up for auction as NFT
RE
06/14GRAYSCALE BITCOIN TRUST BTC  : Crypto sees second week of outflows; ether posts ..
RE
More news
Chart ETHEREUM - UNITED STATES DOLLAR
Duration : Period :
Ethereum - United States Dollar Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ETHEREUM - UNITED STATES DOLLAR
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish