The pump is back!
Cryptocurrencies are up strongly today, with Litecoin hitting an all-time high of US$360 shortly before lunchtime (AEST) while Dogecoin reached the level of US69c, possibly for teh lulz. (Don’t make us explain that one to you).
Can we all agree to just leave it here? #dogecoin #69 pic.twitter.com/ZU2MXypgfo
— @ ur fav wrapper (@urlurstruly) May 5, 2021
Eighty-two of the top 100 crypto-assets had advanced over the past 24 hours, with 22 posting double-digit gains.
Telcoin and Leo Token had also set all-time highs this morning, while Leo Token, Ethereum, Chainlink, THORChain, cEth and Ethereum Classic did so yesterday afternoon.
Litecoin and Chainlink right now pic.twitter.com/DaDZfbHAbK
— JRNY Crypto (@JRNYcrypto) May 5, 2021
Telcoin was the biggest gainer, up 70 per cent on word it would start remittance operations in Australia.
Robinhood effect?
Experienced traders were warning those sitting on the sidelines against FOMO-ing into Dogecoin after its parabolic gains. The coin, trading this morning at US65c, is easily the best-performing top 100 cryptocurrency in the past 30 days, up more than tenfold.
Should you buy #Dogecoin at this point? No.
Should you sell #Dogecoin if you’re holding it? I’d be taking profits.
These heavy vertical movements on #altcoins often end in a nightmare for the majority.
— Michaël van de Poppe (@CryptoMichNL) May 5, 2021
There was some online speculation that Dogecoin investors on Robinhood were taking their profits and moving them into large-cap legacy altcoins like Litecoin.
#Doge wealth effect spilling over to the RobinHood alts: $LTC $BCH $BSV $ETC. No other alts available on RH yet.
Expect RH listings to be a major driver of future returns. pic.twitter.com/i37zaJwGh9
— Alex Krüger (@krugermacro) May 5, 2021
