Ethereum
Dogecoin Creator Launches Epic Price Call
Gamza Khanzadaev
Ethereum’s unprecedented rise, fueled by speculation over ETF approval, has sparked bullish forecasts, with Dogecoin’s creator eyeing $100,000 for ETH.
Read U.TODAY on
Google News
In an extraordinary surge sparked by speculation over the potential approval of the Ethereum spot ETF, the value of the leading altcoin soared on May 20, marking its largest single-day increase in market value to date . The price of the cryptocurrency surged more than $590 in just 24 hours, boosting its market capitalization by more than $70 billion and lifting its price to $3,660, a high not seen since early April.
ETH to USD by CoinMarketCap
This meteoric rise has had repercussions on the crypto community. Notably, Billy Markusco-creator of Dogecoin and known by the pseudonym Shibetoshi Nakamoto, commented on the price surge, hinting at a long-term bullish outlook for Ethereum. Markus expressed a desire for ETH to reach $100,000, reflecting a broader sense of optimism among crypto enthusiasts.
Markus’ thoughts also touched on the volatility and unpredictability of the crypto market. He highlighted the ironic timing of market movements, where personal buying or selling often coincides with immediate changes in the opposite direction.
Dogecoin ETF next?
This epic price move comes just days before an early decision on whether to approve a spot. Ethereum ETF. Initially, top ETF experts estimated the chances of approval between 10 and 25 percent.
However, market sentiment has recently improved, with current estimates placing the probability at 61%. These increased expectations have fueled the bullish forecasts, with many market participants now considering $4,000 as the next big target for Ethereum.
The potential approval of the Ethereum ETF has also sparked speculation about the future of other cryptocurrencies, with Dogecoin emerging as a candidate for similar investment products. As a leading meme cryptocurrency, Dogecoin could see increased institutional interest if the Ethereum ETF is approved, paving the way for wider acceptance and investment in the crypto market.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.