The cryptocurrency market is seeing yet another turbulent day, following Elon Musk tweets about dogecoin and new record highs for ethereum.
After bitcoin recovered some of the losses it has suffered in recent weeks, its price has been relatively stable. Nearly all other major cryptocurrencies experienced some gains over night, most notably cardano (ADA), which rose by more than 8 per cent.
Much of the focus has been on dogecoin, after another cryptic tweet from Elon Musk on Wednesday. He referred to himself as the “Dogefather” in a post, and referenced his appearance on SNL next month – while it wasn’t clear what he had planned, it was enough to push the price up almost 20 per cent.
Bitcoin price prediction: ‘New all-time high in May’
Bitcoin’s price has been all over the place in the last two weeks. After hitting a new record high in mid April above $64,000, it subsequently crashed to below $48,000.
It has since recovered somewhat and has been relatively stable over the last day or so, trading at around $55,000 on Thursday morning
We’ve reached out to an expert to hear his thoughts on what caused these wild fluctuations, as well as his prediction for where bitcoin might go from here.
“Bitcoin’s price has always been volatile and unpredictable, but the last few weeks have brought truly erratic behaviour,” Greg Waisman, the co-founder and COO of the global payment network Mercuryo, told The Independent.
“It started with the Turkish Central Bank’s announcement that using crypto as a means of payment will be banned starting on 30 April. This news knocked the coin down from its highest levels – $64,863 yet to $55k. After that, it dropped further due to expectations of increased capital gains tax in the US, and then even further after Tesla sold 10% of its BTC at $54,092.
“The recovery came as well after Elon Musk explained the point of the sale — to prove the liquidity of bitcoin as an alternative to holding cash on the balance sheet.
“In days to come, BTC is likely to see another drop when the Turkish ban actually arrives. However, after that, the coin should be able to start recovering properly from the level of $48,000. On the other hand, the beginning of the month often leads to price surges, so it would not be surprising for BTC to make an attempt to return to its ATH in early May.”
Anthony Cuthbertson29 April 2021 08:54
Ethereum price hits new all-time high
Just to add to the cryptocurrency market excitement today, the price of ethereum has just hit a new all-time high.
The world’s second most valuable cryptocurrency hit $2,736.18, according to CoinMarketCap’s price index, and was still rising at the time of writing.
Less than one year ago, ethereum was trading at less than $200, meaning the latest price record represents an increase of more than 1,200 per cent.
Ethereum has been bucking market trends in recent weeks, having hit a series of all-time highs despite bitcoin and other cryptocurrencies crashing. We asked some analysts why this might be – here’s what Sergey Nazarov, co-founder of smart contract network Chainlink, told The Independent:
Anthony Cuthbertson28 April 2021 19:30
How to actually buy dogecoin?
Despite dogecoin’s massive gains in recent months – boosted again by Elon Musk’s tweet today – it’s still relatively difficult to actually buy the meme-inspired cryptocurrency.
Major exchanges and trading platforms like Coinbase, Robinhood and eToro still don’t offer it to their customers, meaning millions are missing out on the opportunity to invest – no matter how risky that might be.
With hopes among some dogecoin enthusiasts that the cryptocurrency could triple in price and hit $1 this year, many are trying to figure out how they can actually buy some.
We’ve take a look at why this is, and what options are out there. You can read all about it here:
Elon Musk hopes it will become the ‘currency of the internet’ but Coinbase, eToro and other major platforms still don’t list it
Anthony Cuthbertson28 April 2021 18:27
Dogecoin price continues to fluctuate
Here’s a chart that shows how Dogecoin’s price has fluctuated – alongside search interest.
Andrew Griffin28 April 2021 13:55
Bitcoin is following model ‘with astonishing precision’
Here’s everything you need to know.
Andrew Griffin28 April 2021 13:07
How Dogecoin went from joke to the one of the world’s most valuable cryptocurrencies
Here’s our Anthony Cuthbertson on where Dogecoin came from – and where it might be going.
What’s going on with Dogecoin?
Andrew Griffin28 April 2021 11:36
Andrew Griffin28 April 2021 11:35
Hello and welcome
… toThe Independent’s live coverage of the cryptocurrency market, as the bitcoin recovers some of its lost value and Dogecoin surges off the back of a cryptic Elon Musk tweet.
Andrew Griffin28 April 2021 10:51
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