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The cryptocurrency market continues to go back and forth. Dogecoin breaks after an appearance by Elon Musk on US TV.
The price movements of digital currencies remain irregular. While the second-largest crypto value Ether is once again marking a record high, Bitcoin, the largest digital currency in the market, is rising towards the US $ 60,000. The shooting star of the past few weeks, the Dogecoin cryptosystem, which started as an internet joke, collapses at the weekend.
The price of ether rose to a record $ 4,048 on May 10, 2021, surpassing the $ 4,000 mark for the first time. The price has increased more than fivefold since the beginning of the year.
Bitcoin, the largest and oldest internet currency in terms of market importance, cost up to $ 57,908 on the morning of May 10, 2021. This brings both the 60,000 marks and the record high of almost $ 65,000 reached in mid-April 2021 back within reach. Bitcoin’s market relevance is still high, but its market share has fallen significantly in recent weeks. In return, the importance of other crypto values has increased significantly.
Dogecoin crashes after Musk’s performance
So far, the former fun currency Dogecoin has benefited from this development. The Internet motto, which was launched in 2013, is currently the fourth largest crypto value among around 9,600 digital values in terms of market value. A strong advocate is the multibillionaire and Tesla boss Elon Musk.
However, between May 8 and 9, 2021, the Dogecoin rate slumped by almost 40 percent from around 70 to as much as 42 US cents. Musk had guided through the American TV show Saturday Night Live at the weekend and also addressed Dogecoin in a mostly humorous way. Apparently that was not well received by the market.
