Cryptocurrency ether broke past $4,000 this week, climbing to a new peak for the third session in a row on bets it may find new uses, lifting other digital currencies in its wake. The leading crypto Bitcoin hit a three-week high, and one-time meme currency dogecoin steadied, arresting a sharp drop after comments from Tesla chief Elon Musk on his SNL appearance sent it tumbling on Sunday. 

Ether is up 6% in the day. 

Ether, traded using the ethereum blockchain, was last trading up around 6% for the day on the Binance exchange, where it hit $4,119 around midday in Asia. Bitcoin rose to $59,603, and Dogecoin steadied around $0.54. Bitcoin has doubled, ether has soared more than fivefold this year and Dogecoin more than a hundredfold as a euphoric mood has spilled over from bitcoin into other crypto assets. Since the start of the year, the second-leading crypto ether has surged over 450%, against a 100% jump in bitcoin. Ether’s market capitalization now stands close to $480 billion, which is higher than the market cap of companies such as Walmart and Johnson & Johnson.

Ethereum blockchain was recently upgraded.

The ethereum blockchain was recently upgraded, which traders think might make it a central player in a trend called “DeFi” or decentralized finance, where digital platforms chip away at banks’ dominance of financial transactions. Other cryptocurrencies also surged this year, including Binance Coin and Dogecoin. However, Dogecoin fell by a third in Sunday trade after Musk, a crypto investor, described it as a “hustle” during a television appearance, but it seemed to find support after he tweeted that his SpaceX rocket company would accept it as payment. Regulators around the world are also looking to bring stringent laws regarding cryptocurrencies.