Ethereum, or ether for short, hit a new high on Saturday of just over $ 2,900. Ether prices nearly quadrupled in 2021, climbing 290%. Bitcoin has also had a strong run this year, doubling in value.
The total value of all Ethereum in circulation is now around $ 333 billion, according to CoinMarketCap. Bitcoin ( the market value is almost $ 1.1 trillion. )
Bitcoin has skyrocketed this year in part due to increased adoption by U.S. businesses. Musk You’re here ( and software company )MicroStrategy ( bought bitcoins to keep them on their balance sheets. Digital payments giants )Square ( and )Pay Pal ( also allow users to buy, sell and hold cryptocurrencies. )
But Ethereum has seen an even bigger increase than Bitcoin as it is the cryptocurrency of choice for purchases of many non-fungible tokens, or NFTs – which have taken the art and collectibles world by storm. in general.
An NFT piece by digital artist Beeple sold for nearly $ 70 million at a Christie’s auction earlier this year. Baseball trading card company Topps got into the NFT game by selling virtual cards and has now gone public through a merger with a special blank check acquiring company, or SPAC.
NFTs often provide fans of an artist, celebrity, or athlete with unique video and other digital content. Super Bowl champion Tom Brady now has his own NFT company.
And two players selected in this week’s NFL Draft, Heisman Trophy winner DeVonta Smith and defensive end Kwity Paye, also pitched NFTs. A portion of Smith’s NFT sales will go to charity, he said. Paye said all of his NFT sales are going to a nonprofit.