The price of the cryptocurrency reached its previous all-time high on May 9th, when it was near USD 4,000. After a complete bullish fortnight, the market dominance of Ether reached a total of 18%.
In recent days, the price of Ether (ETH), Ethereum’s native cryptocurrency, reached its new all-time high in US dollars. The value of the crypto asset was above USD 4,200, around USD 200 above its previous record.
After a week of full appreciation, ETH reached a price milestone near USD 4,000 on May 9th. In other words, the price of the second cryptocurrency on the market grew by 5%. At the time of writing this article, Ether is trading at around USD 4,040, according to data from Coingecko.
This is just a continuation of what happened two weeks ago, when the cryptocurrency was trading at increasingly high prices. On April 26th, the price of ETH was near USD 2,200. However, it closed that week just above 30% above that figure, barely exceeding USD 2,900.
This all-time high corresponds to the value of Ether in US dollars, since the all-time high for the Ether-Bitcoin (BTC) pair occurred in June 2017. At that moment, the value of ETH was almost 0.15 BTC, which it is far from surpassing. According to Coingecko, 1 ETH is currently equivalent to 0.072 BTC.
The Possible Factors that Led Ether to Reach Its New All-Time High
The most logical-sounding explanation that emerges for this new peak of Ether’s price is the development of an alternative currency season. According to blockchaincenter.net, this “alt season” is now in full swing. It has to do with a growth in the dominance of the market capitalization of altcoins, such as ETH.
At the time of writing this article, altcoins have reached levels of dominance not seen since 2018. At that time, Ethereum’s native cryptocurrency had record dominance at 31%.
Elon Musk’s appearance on the Saturday Night Live television program could have also contributed to increasing the visibility of the cryptocurrency. In one of their sketches, Musk played the role of a finance expert who described ETH as one of the fastest-growing cryptocurrencies. He also said positive things about Bitcoin and Dogecoin (DOGE).
Elon Musk Says that the Meme Cryptocurrency Dogecoin Is a “Scam”
During his appearance on the television show, Elon Musk called Dogecoin a “scam”, leading it to drop by 36%. However, the cryptocurrency has regained its lost strength. Cryptocurrency enthusiasts were anxious before this appearance as a tweet from the CEO of Tesla drove the price of DOGE higher.
Musk defined Dogecoin as “the future of currencies.” He added that it is an unstoppable vehicle that will take over the world. He even said that it is a “scam” and laughed.
Concerning the rebound in the price of Dogecoin, it occurred after Elon Musk wrote a tweet about SpaceX. He announced that his commercial rocket company will embark on a trip to the moon in 2022. He highlighted that they will pay it completely with Dogecoin.
By Alexander Salazar
