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Dogecoin (DOGE-USD) and ethereum (ETH-USD) cryptocurrencies hit all-time highs Tuesday morning in London following a surge in institutional interest in both tokens.
The joke token dogecoin rose more than 14%, to trade at $ 0.4389 at 8:30 am in London. Ethereum, the second most popular cryptocurrency, broke through the $ 3,400 mark earlier in the session to trade around 9% higher, before falling back down.
Ethereum’s all-time high was $ 3,456.57 (£ 2,489.18) – a consolidation of a rally of around 360% this year alone.
Meanwhile, bitcoin (BTC-USD) has fallen by around 3%.
The rise of Ethereum has been linked to the growing number of developers creating decentralized funding or ‘DeFi’ applications on its blockchain platform, as well as a growing institutional interest in crypto as a market.
Among other things, the European Investment Bank has announced that it will issue its very first digital bond on a public blockchain using Ethereum technology.
Meanwhile, the memes-inspired dogecoin also popped up on the back of the eToro trading platform, claiming it would offer it to its 20 million users.
The token rebounded about 250% from its intraday low on April 23, according to currency watchers FX Street.
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The steps also follow an announcement by online banking platform Revolut that it will soon allow people to withdraw bitcoin directly from their platform. This would challenge the status quo established by other platforms such as Robinhood and PayPal (PYPL), which prevent bitcoins purchased on their platforms from being moved elsewhere.
Over the holiday weekend, PayPal also announced the creation of its own stablecoin – a cryptocurrency that attempts to peg its market value to an external benchmark.
Bitcoin’s fall continues after Friday’s announcement that it had passed a closely watched technical hurdle, which is usually a harbinger of further gains. It had beaten its price average in the past 50 days, which is generally taken as a measure of momentum.
Watch: What are the risks of investing in cryptocurrency?
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