Cryptocurrencies dogecoin (DOGE-USD) and ethereum (ETH-USD) hit all-time highs on Tuesday morning in London following a rise in institutional interest in both tokens.
The joke token dogecoin was up more than 47%, to trade at around $0.48 by 2.45pm in London. Ethereum, the second most popular cryptocurrency, broke the $3,500 mark earlier in the session to trade around 12% higher.
Ethereum’s previous 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) was down by around 4.5%.
“Even though ETH’s price is touching highs unseen before, we can assess its potential for appreciation by looking at the ETH/BTC pair, which is still trading well below its all-time-high over 0.15 BTC,” said Joe DiPasquale, CEO of cryptocurrency hedge fund BitBull Capital.
“The most recent resistance level on the ETH/BTC pair was 0.05, which…