Momentum in the crypto market recently reached a new velocity. This has been highlighted by young stock investors who have begun to wake up and realize the freedom-giving potential, power, and value of crypto. And it’s gone completely viral.
The Power of DOGE
Powered in part by the world’s favorite meme currency - Dogecoin (DOGE). From TikTok traders to Reddit stock investors, to the meme lord himself, Elon Musk (CoinTelegraph), Dogecoin has been trending everywhere. Investors have been rushing in with the hope that Dogecoin will one day be worth a dollar.
Whether or not DOGE will be worth a dollar, we’re not sure. It’s a hopeful and risky prediction, but we do know that Dogecoin is serving as a gateway to the entire crypto market. Bitcoin (BTC) has also served this purpose in the past, as investors usually make their initial investment into Bitcoin, and then learn more about other digital assets and begin to diversify. DOGE opens the door to a whole new financial marketplace, free from the limitations of Wall Street, open 24/7, and is so early in its infancy that it still has investors feel as though they are joining a blossoming movement.
The Rise of Ethereum
DOGE wasn’t the only star of this week - Ethereum (ETH) hit a new all-time high, finally breaking through $1,500 and hitting a high of over $1,700. Ethereum traded under $100 in 2020, showing phenomenal strength and growth. The rapid rise of Ethereum and DeFi, as well as other smart contract platforms such as Polkadot, Avalanche, and Algorand, sparked what many are considering the first alt-season of 2021.
Ethereum's performance, though, also brought about record gas fees for transactions taking place on the network (DeCrypt). The price of gas has left many to speculate whether Ethereum can keep up with its own growth and has given investors much excitement about the possibility of other assets, such as DOT, ADA, AVAX, ALGO, and more, grabbing up some of the market share.
While Dogecoin and the unprecedented market rise has been fun, financial institutions and corporations are continuing to take crypto very seriously.
This week, Visa expanded their crypto ambitions by offering banks a pilot program to let their customers buy Bitcoin and other digital assets (CoinDesk). Major banks receiving and offering crypto will be a massive milestone for this industry as mass adoption of digital assets continues to increase.
Michael Saylor is hosting a virtual conference for 1,400 corporate leaders to learn how to add Bitcoin to corporate portfolios and making the argument to invest in order to protect their balance sheets. It’s rumored that SpaceX will also be in attendance. Will we one day see a rocket go to space with the internet’s favorite Shiba on the side of it? Time will tell...
What’s clear for now is that the entire market cap of crypto has entered its own price discovery, breaking through $1.1 Trillion (CoinTelegraph). The surge has caused crypto adoption to skyrocket, and we’re just getting started.
Note: Due to the extreme rapid growth of the crypto market, Voyager has had to put a waitlist in place for customers looking to create an account for the first time. We are working through the waitlist as quickly as possible to get everyone on-boarded and live on the Voyager app. The entire Voyager team greatly appreciates your patience as we work to get everyone online! Secure your spot on the waitlist today
Top Market Movers
- StormX (STMX) +214%
- UMA (UMA) +209%
- 0x (ZRX) +193%
- Maker (MKR) +96%
Decrypt > Bitcoin’s Price Is Initially Targeting $50,000: Bloomberg Analyst
Decrypt > MicroStrategy CEO Michael Saylor Explains Why He Chose Bitcoin Over Gold
Cointelegraph > Bitcoin Will Likely Reach $60K in 2021, says Investing.com Analyst
Cointelegraph > Guggenheim CIO Under Fire for the Timing of His Changing BTC Sentiment
Coindesk > Ethereum Transaction Fees Hit Record Highs as Ether, DeFi Coins Soar
Coindesk > Elon Musk Is Back Tweeting About Dogecoin as Price Rises 50%
Coindesk > US Library of Congress Says Most Countries Lack Clear Tax Guidance on Crypto Staking