Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50 percent again and crashing Robinhood’s trading app.
Other so-called Altcoins also took off, with Dash spiking as much as 14 percent and Ethereum Classic jumping more than 30 percent. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000 percent on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.
“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”