The price of cryptocurrency Ethereum surged past $4,000 U.S. to hit a new record high, even as Dogecoin fell as much as 30% following the appearance of Elon Musk on Saturday Night Live.
Ether, the digital token of the Ethereum blockchain, has risen nearly 7% to $4,141.99 U.S., according to Coin Metrics. It now has a total market value of $476.3 billion U.S., less than half Bitcoin’s $1.1 trillion U.S. valuation.
Ethereum has seen huge gains in recent weeks as investors look to other cryptocurrencies for returns. Bitcoin fell over 2% in April, while Ether rose more than 40%. The entire crypto market is currently worth over $2.5 trillion U.S., according to CoinMarketCap.
Investors and some corporate buyers such as electric vehicle maker Tesla (NASDAQ:TSLA) flocked to Bitcoin earlier this year, viewing the digital coin as a potential hedge against inflation. Major Wall Street banks such as Goldman Sachs and Morgan Stanley have also sought to provide their wealthy clients with Bitcoin exposure.
Meanwhile, the price of cryptocurrency Dogecoin fell nearly 30% as Tesla Chief Executive Officer Elon Musk, who calls himself the "Dogefather," made his Saturday Night Live debut over the weekend.
The meme-inspired cryptocurrency fell as much as 29.5%, dropping to 49 cents U.S. at one point. Musk mentioned Dogecoin in his opening monologue and on "Weekend Update," SNL’s satirical news show, calling Dogecoin a "hustle," and shouting "to the moon," a catchphrase popular among doge enthusiasts intent on driving the value of the cryptocurrency to $1 U.S.
The price of Dogecoin began to rebound some and is now worth 57 cents U.S., down about 17% from its closing price last Friday (May 7).
