Crypto roundup: Altcoins surge as Bitcoin consolidates

2021-02-19 08:00:00

Bitcoin is little changed over the last 24 hours, sitting at US$51,800 ($66,900) at 10am today, but a number of altcoins including Dogecoin are making double-digit gains

Ethereum was up five per cent to $US1,937 ($2,500) and had hit an all-time high of $1,947 just before 9am AEDT and many crypto bulls were forecasting a move over $US20,000 shortly.

Of the 55 crypto-assets available on Kraken, 37 are up, one is flat and 17 are down. Dogecoin is the best-performing in the past 24 hours, up 22.7 per cent to US6.078c after falling under five US cents on Monday. The meme coin is up 6.5-fold in the past month after being shilled by Elon Musk. The latest pump may be driven in part by speculation, including a lengthy Reddit post, that Robinhood has accumulated a significant stake in Dogecoin with a wallet worth nearly $US2 billion.

Robinhood said on Twitter this morning that it fully intends to provide the ability to deposit and withdraw crypto, but โ€œdoes NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefitโ€. Right now Robinhood users canโ€™t transfer coins, just trade them.

Whatever the reason for the price pike, Dogecoin enthusiasts were celebrating.

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