Dogecoin and Ethereum continue to outshine Bitcoin

Vrasidas Neofytou
Head of Investment Research

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The popular digital currencies Dogecoin and Ethereum have started outshining Bitcoin since their value doubled within a week, following a significant surge of demand from retail and institutional investors coupled with the adoption as a form of payment from mainstream companies.

Despite Bitcoin is up 100% since the start of 2021, it has lost its popularity from other digital coins after Dogecoin gained more than 10,000%, whilst Ethereum climbed by almost 400% over the same period.

Dogecoin continues its parabolic rally, touching an all-time high of 0.70 cents on Wednesday after a jump of more than 60% within a single day and 800% since the start of April.

With a market cap of nearly $90 billion, Dogecoin has become the world’s fourth most valuable digital currency after Bitcoin, Ethereum, and Binance Coin, and beating the valuation of established cryptocurrencies such as Ripple, Tether, Cardano, and Litecoin.

The main reasons behind Dogecoin’s recent price rally have been the adoption of the coin by the mainstream market and the support from billionaires Elon Musk and Mark Cuban.

The digital exchange, Gemini, will allow users to trade Dogecoin, while many companies have announced the acceptance of the coin as a payment method for their products.

Ethereum, the second-largest digital coin with over 400 billion dollars market value posted a fresh record above 3,500 dollars, following the growing institutional interest in the Ethereum blockchain.

Ether, which is the digital coin used to power the Ethereum blockchain, receives growing demand from thousands of real users such as developers that build decentralized financial products on the underlying blockchain technology.

Fuelling the rally, the European Investment Bank said in April that it issued its first-ever digital bond on a public blockchain using Ethereum.

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