Dogecoin and ethereum have hit new all-time highs on Tuesday amid a crypto market frenzy. The price surges mean that the combined value of all cryptocurrencies is now greater than the market cap of Apple – the world’s most valuable company.
Bitcoin has also continued its recovery from the late April price crash, which saw it fall from around $65,000 to $48,000. It is currently trading at around $56,000 and has seen steady gains over the last few days.
The surprise jump in the price of dogecoin has been spurred on by tweets from Elon Musk and the announcement by the popular trading app eToro that it will now offer the meme-inspired cryptocurrency to its 20 million users. Dogecoin is up by nearly 20 per cent over the last 24 hours and by 60 per cent over the last week
Not all major cryptocurrencies experienced gains overnight, with both cardano (ADA) and bitcoin cash both falling in value by around 3 per cent.