Crypto roundup: Altcoins surge as Bitcoin consolidates
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.
— Demon (@superhammad) February 18, 2021
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 “does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit”. Right now Robinhood users can’t transfer coins, just trade them.
Whatever the reason for the price pike, Dogecoin enthusiasts were celebrating.
— ZappityZuSu (@ZappityS) February 18, 2021
— Mambo (@mambo744) February 18, 2021
— Dogenymous (@ForexEx16284431) February 18, 2021