Ether (ETH) hit $ 3,500 on May 4th as the star of this week's altcoin rally battled Dogecoin (DOGE) for the dominance of returns.
ETH / USD 1 hour candle chart (Bitstamp). Source: trade view
Ethereum doesn't stop at $ 3,500
Data from Cointelegraph Markets Pro and Tradingview followed ETH / USD as the pair broke its recent historical barrier and continued to climb.
At the time of writing, the largest altcoin by market cap was in pricing-only mode as it was targeting resistance above $ 3,500.
During the week there were new highs for the ether price every day, with gains after seven days at 36%.
The feeling of excitement that day was palpable among both analysts and traders.
"I've been asking for $ 3,600 ETH for over a month now, but I think it can go a lot higher," Scott Melker told Twitter followers.
Short-term price targets had called for $ 5,000 while downsizing, while $ 10,000 and even $ 20,000 were not uncommon as Ether outperformed Bitcoin in dollar gains last year.
Cryptocurrency market dominance chart. Source: CoinMarketCap
Winklevoss calls Dogecoin "the people's money"
However, ETH was not alone on Tuesday. After hitting its own all-time highs last month, Dogecoin returned with a vengeance and abruptly pushed his personal best to overtake $ 0.50 for the first time.
The discovery of a new price cap was also still underway at the time of writing, with DOGE / USD taking out $ 0.55 based on 38% daily gains.
DOGE / USD 1-day candle chart (Bittrex). Source: trade view
The move came when Gemini announced that it had integrated support for Dogecoin the day after the eToro trading platform.
"Dogecoin is people's money. It's organic, disrespectful, and fun," commented co-founder Tyler Winklevoss.
Bitcoin (BTC) predictably felt the heat of the altcoin advance, losing both market dominance and price strength for the second time in 24 hours to nearly $ 55,000.