Ether (ETH) surpasses the psychological $3,500 level on May 4 as the star of this week’s altcoin rally battled with Dogecoin (DOGE) for returns supremacy.
Data acquired from Tradingview followed ETH/USD as the pair exploded through its latest historic boundary and continued surging. At the time of publication, the biggest altcoin by market capitalization was in price discovery mode as it sought resistance above $3,500.
The week had already recorded new highs for ETH daily, with the 7-day gains standing at 36%. Among the analysts and traders alike, the sense of excitement on the day was quite palpable. Scott Melker told Twitter followers:
“I have been calling for $3600 $ETH for well over a month, but think it can go much higher.”
Near-term price targets had called for $5,000 while zooming out, $10,000 and even $20,000 were not appearing as Ether outperformed Bitcoin in dollar gains in the last 12 months.
Winklevoss Calls DOGE ‘The People’s Money’
On May 4, nonetheless, ETH was not alone. After a roller-coaster that saw it somersault off its all-time highs in April, Dogecoin appears to have returned with a vengeance. It exploded past its previous all-time high to exceed $0.50 for the first time.
The discovery of a new price ceiling was also still in progress at the time of publication, with the DOGE/USD pair taking out $0.55 on the back of 38% daily gains.
The latest move comes as Gemini crypto exchange announced that it had integrated support for Dogecoin, a day after trading platform eToro did the same. Co-founder Tyler Winklevoss commented:
“Dogecoin is the people’s money. It’s organic, irreverent, and fun.”
Bitcoin is feeling the heat from the altcoin advance, shedding market dominance and price strength to trade around $55,000 for the second time in the last 24 hours.