The price of Ethereum has reached a new high of $3.5K, thanks to the addition of Dogecoin to the Winklevoss market.

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Dogecoin has been added to Gemini by eToro, as Ethereum highlights altcoins’ Bitcoin-crushing surge.

On May 4, Ether (ETH) reached $3,500 as the star of this week’s altcoin rally competed with Dogecoin (DOGE) for returns dominance.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Ether doesn’t stop at $3,500

Data from TradingView followed ETH/USD as the pair broke through its latest historic boundary and continued climbing.

At the time of publication, the most valuable altcoin in terms of market capitalisation was in pure price exploration mode, attempting to break through resistance above $3,500.

On a daily basis, Ether’s price has already reached new highs for the week, with a seven-day gain of 36%.

The optimism on the day was tangible among analysts and traders alike.

“I have been calling for $3600 $ETH for well over a month, but think it can go much higher,” Scott Melker told Twitter followers.

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Short-term price goals have been set at $5,000, and when looking farther ahead, $10,000 and even $20,000 are not out of the question, as Ether has outperformed Bitcoin (BTC) in US dollar returns over the past year.

Cryptocurrency market cap dominance chart. Source: CoinMarketCap

Winklevoss calls Dogecoin “the people’s money”

However, on May 4, ETH was not alone. Dogecoin emerged with a vengeance after somersaulting off its own all-time highs last month, suddenly smashing its personal best to hit $0.50 for the first time.

The discovery of a new price cap was also ongoing at the time of publishing, with DOGE/USD gaining $0.55 on the heels of 38 percent daily gains.

DOGE/USD 1-day candle chart (Bittrex). Source: TradingView

The switch came a day after major exchange Gemini declared support for Dogecoin, and a day after trading site eToro announced the same.

“Dogecoin is the currency of the people. It’s normal, irreverent, and entertaining “Tyler Winklevoss, co-founder, commented.

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For the second time in 24 hours, Bitcoin felt the heat from the altcoin advance, losing all market dominance and price power to close $55,000.

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