The price of the Ethereum hits a record $ 3.5,000 when the Winklevoss exchange adds Dogecoin

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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.

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 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.

Cryptocurrency market dominance chart. Source: CoinMarketCap

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.

DOGE / USD 1-day candle chart (Bittrex). Source: TradingView

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.