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.
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:
Crypto bull run could continue for several more months, market analysts predict
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.”
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:
More than a million people voted in a Twitter poll asking if the electric car maker should accept the cryptocurrency
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.
‘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.”
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.)
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.
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.
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:
‘On face value, it is a complete mystery as to why dogecoin continues to grow,’ says one crypto market expert
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.”
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