Ethereum Surges Above $1,900 To New 9-Month High
Ethereum led cryptocurrency prices higher Wednesday as it broke above $19,000 for the first time since mid-August. Bitcoin hovered near $28,300 late Wednesday after approaching $28,800 intraday.
Elsewhere, Dogecoin spiked nearly 36% Monday to peak at 10.46 cents per token after Elon Musk’s Twitter replaced the homepage bird icon to a Shiba Inu, the mascot for the Dogecoin cryptocurrency. Musk has repeatedly touted Dogecoin and shared various memes supporting the cryptocurrency. His public support resulted in a $258 billion racketeering lawsuit last June for allegedly running a pyramid scheme to pump the price of the meme coin.
DOGE coin slid back near 9.35 late Wednesday and traded around 7.7 cents prior to the logo update.
On March 14, the U.S. government sold 9,861 bitcoin that were seized in connection with black market website Silk Road for a total of $215.7 million. The government plans to liquidate the remaining 41,490 bitcoin in four batches over the remainder of the year, according to a Friday court filing.
Last Monday, the Commodities Futures Trading Commission sued Binance, the world’s largest crypto exchange, and CEO Changpeng Zhao for trading violations.
Cryptocurrency Price Action
Bitcoin traded around $28,300 late Wednesday, climbing as high as $28,777 in the afternoon. Bitcoin vaulted roughly 20% in March to record its best month since January when it gained 38.7%. BTC spiked as high as $29,173 on March 30 to mark its highest level since June 10. The world’s largest cryptocurrency is up 70% so far this year.
Ethereum surged 3.7% to peak at $1,941 Wednesday, marking the first time it surpassed its $1,900 level since mid-August. ETH is gaining steam ahead of its Shanghai upgrade scheduled on April 12, which will complete its transition to proof-of-stake from a proof-of-work network. The #2 crypto rose 10.6% in March and spiked 59.6% year-to-date.