The expectation that Coinbase would list and begin trading the asset in the near future was likely one culprit for the FOMO.
According to blockchain data from Bitinfocharts, one person owns 28.8% of all doge in circulation, and just 102 wallet holders own another 38.5%.
According to CoinDesk Research, dogecoin’s correlation with bitcoin has fallen to near zero, which means the two cryptocurrencies are both marching to the beat of their own drums, at least since October 2020 when the two were closely correlated.
The second-largest cryptocurrency by market capitalization, ether, was trading around $4,055 as of 21:00 UTC , up more than 10% over the prior 24 hours.
“Regarding ETH, for the rest of this cycle at the least I expect that it will continue to lead BTC, as it’s the more speculative asset,” said Andrew Tu, an executive at quant fund Efficient Frontier.
On Thursday, the last day for closing data at press time, ether futures hit $100 billion for the first time.
Ether futures volume was the highest in three months.
“More institutional investors view ether as a serious asset,” said David Russell, vice president of market intelligence at TradeStation Group.
The world’s largest cryptocurrency by market capitalization, bitcoin, was up Friday by 3.2% as of press time and at a $50,263 spot price.
“Market makers were heavily short puts in the range of $52,000 to $50,000, and I estimate were forced to sell nearly 2,900 bitcoin during the crash to offset the short gamma exposure,” Collins told CoinDesk in a Twitter chat.
“It’s market and trader segments that have settled into three different types of crypto investors,” Lau told CoinDesk.
Terra, a three-year-old project from the South Korean developer Terraform Labs, is built to support a basket of decentralized stablecoins.
The LUNA price has climbed a flabbergasting 25-fold this year, outpacing the already-impressive sevenfold gain for larger rival MakerDAO’s maker tokens.
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