Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin

Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin

Ether (ETH) hit $3,500 on May 4 as the star of this week's altcoin rally battled Dogecoin (DOGE) for returns supremacy.

Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Ether doesn't stop at $3,500

Data from Cointelegraph Markets Pro and TradingView followed ETH/USD as the pair broke through its latest historic boundary and continued climbing.

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At the time of writing, the largest altcoin by market capitalization was in pure price discovery mode as it sought resistance above $3,500.

The week had already seen new highs for Ether's price on a daily basis, with seven-day gains standing at 36%.

Among analysts and traders alike, the sense of excitement on the day was palpable. 

"I have been calling for $3600 $ETH for well over a month, but think it can go much higher," Scott Melker told Twitter followers.  

Short-term price targets have called for $5,000, and while zooming out, $10,000 and even $20,000 are not unheard of targets, as Ether has outperformed Bitcoin (BTC) in U.S. dollar gains throughout the past year.

Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin
Cryptocurrency market cap dominance chart. Source: CoinMarketCap

Winklevoss calls Dogecoin "the people's money"

On May 4, however, ETH was not alone. After somersaulting off its own all-time highs last month, Dogecoin returned with a vengeance, abruptly crushing its personal best to pass $0.50 for the first time. 

Discovery of a new price ceiling was likewise still in progress at the time of writing, with DOGE/USD taking out $0.55 on the back of 38% daily gains.

Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin
DOGE/USD 1-day candle chart (Bittrex). Source: TradingView

The move came as major exchange Gemini announced that it had integrated support for Dogecoin, a day after trading platform eToro announced the same.

"Dogecoin is the people’s money. It’s organic, irreverent, and fun," co-founder Tyler Winklevoss commented.

Bitcoin predictably felt the heat from the altcoin advance, shedding both market dominance and price strength to near $55,000 for the second time in 24 hours.

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