Key Points
- Bitcoin and Ethereum are on the verge of setting new price highs.
- While the leading cryptocurrencies climb, alternative coins such as Solana and Dogecoin are experiencing even greater percentage increases daily.
- Ethereum has seen a remarkable 29% increase in value this week, surpassing the performance of other major cryptocurrencies.
Dogecoin and Solana surged in price Wednesday as Bitcoin approached its previous peak valuation.
Solana, the sixth-largest cryptocurrency in terms of market capitalization, reached nearly $204 before settling back to around $198 Wednesday morning in New York. According to CoinGecko data, the digital asset has grown more than 9% in the last 24 hours. Data shows that Wednesday’s high represented Solana’s highest point since July 2022.
Meanwhile, Dogecoin, one of the original meme-based cryptocurrencies,
was trading recently at just over $0.24, an increase of approximately 8% in the past day. Looking at the bigger picture, the ninth-largest cryptocurrency by market cap has jumped by over 20% in the last week.
However, unlike Solana, which saw a new peak of $293 in January, Dogecoin has not reached a new all-time high in several years. The coin still needs to rise by 67% to surpass its peak from 2021.
The rise in value for major cryptocurrencies coincides with a brief spike that
Bitcoin experienced, briefly going above the $122,000 level.
Bitcoin previously established a new high in July when it surpassed $122,838. Currently priced at $121,237, the leading cryptocurrency has gained modestly, about 1%, over the last day. Over the past week, Bitcoin has risen by 6%.
However, the gains of Bitcoin are small in comparison to Ethereum, which was also close to a new record Wednesday. Early on Wednesday, the second-largest cryptocurrency in terms of market cap reached $4,720, just 3% below its 2021 record of $4,878.
Ethereum’s price has jumped 29% over the past week, a surge which contributes to a rise of nearly 54% over the last month.
The increasing price of ETH can be attributed to high investor interest in Ethereum ETFs, which were approved for trading last year. The increased price is also from publicly traded companies adopting crypto treasury models, purchasing billions of dollars’ worth of the digital coin.
According to a Wednesday research note from British bank Standard Chartered, ETH could reach $25,000 by 2028.
Myriad users are confident that ETH will surpass its all-time high and hit $5,000 before the end of 2025, placing the likelihood at nearly 87% as of the time of this writing. (Disclaimer: Myriad Markets is a product of Decrypt‘s parent company, DASTAN.)
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