..

'Speculative Excess': Ethereum Finds New Peak in Sizzling Crypto Market

Written by:
Reuters
Published on:
May/04/2021

(Reuters) - Cryptocurrency ether rose to a fresh record peak on Tuesday before dropping sharply as some investors pulled profits from a white-hot market bulging with questionable new entrants.

coinbase_0.gif

A day after blowing past $3,000 for the first time, ether, the token traded over the ethereum blockchain, hit $3,457.64 on the bitstamp exchange before dropping 6% to $3,244.

That still leaves it with a gain of some 340% this year. The rise is in part a spillover from flows into bitcoin, which has grown in stature as big-name investors from Elon Musk's carmaker Tesla to Wall Street investor Stanley Druckenmiller buy in.

It is also being driven by a speculative frenzy in the asset class. Joke cryptocurrency dogecoin is up by 9,000% this year to put the sum of its tokens on issue at over $54 billion. Other new tokens have proliferated, and buyers this week piled in to several tiny new coins promoted by porn stars.

"What we're seeing right now is the definition of speculative excess," said IG Markets analyst Kyle Rodda, who likened it to the tech-bubble mania of two decades ago.

"There's money being thrown at anything in the crypto space," he added.

With a market capitalisation of $376 billion, traders are taking the gains in ether much more seriously and say it is catching up to bitcoin's rise and that upgrades to the ethereum blockchain stand to make it more useful. read more

Against bitcoin the value of ether has more than doubled this year and it touched a more than two-and-a-half-year high early on Tuesday. Bitcoin , which is up 90% this year dipped to $55,625 while the U.S. dollar firmed slightly elsewhere.

Business/Financial News

Bitcoin Slips Below $50k After Musk Says Tesla Won’t Take It

Bitcoin Slips Below $50k After Musk Says Tesla Won’t Take It

The price of bitcoin fell below $50,000 Thursday morning after Tesla CEO Elon Musk tweeted a day earlier that the electric car maker would stop accepting the digital currency as payment for its vehicles.

Get a Job in Cryptocurrencies

Get a Job in Cryptocurrencies

Getting a job in cryptocurrency will more than likely require a certificate or degree.  One can begin by taking online courses.  Bitcoin Theory covers the design of Bitcoin as a system as prescribed by Satoshi Nakamoto.

Bitcoin Was Created With the Gambling Industry in Mind

Bitcoin Was Created With the Gambling Industry in Mind

In a sign that life may be coming back to normal following over a year of dealing with a global pandemic, CoinGeek's Rebecca Liggero Fontana sits down with the one and only Dr. Craig Wright in her first in-person interview in more than a year.

 One-Stop Wallet, Please!

One-Stop Wallet, Please!

While it may not be prudent to keep all of your eggs in one basket, it would certainly be nice if you could buy all of your eggs from the same market regardless of which eggs you want. The same could be said about the numerous crypto currencies available today. There are new ones popping up what seems to be almost every day. The problem is that you need to have multiple crypto wallets and use multiple exchanges in order to acquire, trade or sell them. 

SpaceX Accepts Dogecoin as Payment to Launch Moon Mission Next Month

SpaceX will launch a satellite to the moon next year funded entirely with the cryptocurrency dogecoin, Canadian company Geometric Energy Corporation (GEC), which will lead the lunar mission, announced on Sunday (May 9).

Syndicate