Ether (ETH) hit $ 3,500 on May 4th as the star of this week’s altcoin rally battled Dogecoin (DOGE) for the dominance of returns.
Ether doesn’t stop at $ 3,500
Data from Cointelegraph Markets Pro and TradingView followed ETH / USD as the pair broke its final historical barrier and continued to climb.
At the time of writing, the largest altcoin by market cap was in pricing-only mode as it was targeting resistance above $ 3,500.
During the week there were new highs for the price of Ether on a daily basis, with gains after seven days at 36%.
Both analysts and traders alike felt the excitement that day.
“I’ve been asking for $ 3,600 ETH for over a month, but I think it can go a lot higher,” Scott Melker told Twitter followers.
Short-term price targets took $ 5,000, and while zooming out, $ 10,000 and even $ 20,000 is not uncommon as Ether outperformed Bitcoin (BTC) in US dollar gains over the past year.
Winklevoss calls Dogecoin “the people’s money”
However, on May 4th, ETH was not alone. After hitting its own all-time highs last month, Dogecoin returned with a vengeance and abruptly pushed his personal best to overtake $ 0.50 for the first time.
The discovery of a new price cap was also still underway at the time of writing, with DOGE / USD taking out $ 0.55 based on 38% daily gains.
The move came when Gemini announced that it had built in support for Dogecoin a day after the eToro trading platform announced it.
“Dogecoin is people’s money. It’s organic, disrespectful, and fun,” commented co-founder Tyler Winklevoss.
Bitcoin predictably felt the heat of the altcoin advance, losing both market dominance and price strength for the second time in 24 hours to nearly $ 55,000.