Andrew Bailey, governor of the Bank of England, has made his feelings on cryptocurrencies very clear.

““They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” Bailey said.

“I’m going to say this very bluntly again,” he continued, “buy them only if you’re prepared to lose all your money.”

Mr Musk has replied to a fan who seemed to praise his hype of Dogecoin, agreeing with the take.

“That is how I feel about it,” Mr Musk wrote in reply. (It’s not clear whether he was referring to the tweet, image, or both.)

While still staying as positive as ever, Elon Musk has interestingly tweeted that people need to “invest with caution” in cryptocurrency.

Dogecoin’s latest gains look even more remarkable when zooming out on its price chart.

Since May 2020 the cryptocurrency has risen from just over two tenths of a cent to more than 60 cents, as this graph shows.

It is also nearly 60-times more valuable that the price spike it experienced in 2018. No other major cryptocurrency has performed this well during this time, in terms of percentage gains.

• Dogecoin market cap: $78 billion
• SpaceX market cap (estimated): $74 billion

I don’t know if Elon Musk would be happy or sad about that, given that he appears to have helped push dogecoin to new record highs.

It’s a remarkable stat nevertheless, especially considering where dogecoin was just one year ago. It has taken a 30,000 per cent price rise over the last 12 months to get to this point, though some analysts we spoke to today claim there could be more to come.

Dogecoin is currently trading at just above $0.60, having hit a new all-time high yesterday of $0.68, but the gathering momentum means $1 – and even potentially $5 – no longer seem unreachable.

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Ethereum has once again hit a new all-time high on Thursday, reaching above $3,500 for the first time in its history.

The cryptocurrency’s price has now hit a new record on six of the last seven days, rising in price by more than 25 per cent in the process.

A new market report by the cryptocurrency exchange Kraken suggests the rally may “still be in the early innings”, with gains still far short of the 2017 bull run in percentage terms. According to Kraken’s analysis, the price could be heading towards $5,200.

“The multi-billion-dollar explosion in DeFi and this year’s NFT frenzy took place on applications built on Ethereum,” commented Pete Humiston, Manager of Kraken Intelligence, in an email to The Independent.

“Past performance does not indicate future prices, but the fact that ethereum remains resolutely at the heart of bleeding-edge activity and innovation in the industry – just as it did in the previous bull market – suggests ETH has plenty of upside potential.”

Bitcoin has been relatively quiet in recent days, both in comparison to its typical movements, as well as other cryptocurrencies like dogecoin and ethereum.

After briefly falling below $54,000 on Tuesday, it has now jumped nearly $4,000.

Some market analysts claim it has been a consolidation period, ahead of another potential bull run towards $100,000 and beyond. Others predict a crash to around $30,000.

One of the most optimistic experts is PlanB, whose stock-to-flow model has proved impressively accurate up until now. He appears hopeful that we’re about to see another price surge.

Dogecoin is continuing to rise. It’s up 20 per cent over the last 24 hours – and 120 per cent over the last week.

Everything else is fairly flat. Bitcoin, for instance, is only up a little both over both the day and the week, and ethereum is even down.

The vast gains in ethereum could soon see it overtake bitcoin, that most famous of cryptocurrencies, according to some experts.

There are technical reasons that ethereum might function better as a cryptocurrency when compared with bitcoin, that could eventually drive changes in each of their prices.

Dogecoin’s price just received another major boost after the popular cryptocurrency exchange Gemini added support for it.

It is now trading above $0.56, having peaked today at $0.58, marking a 36 per cent gain over the last 24 hours. Just a week ago, it was less than half that price.

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