Ethereum, or Ether for short, hit a new record high of around $ 3,200 on Monday. Ether prices more than quadrupled in 2021, increasing 325%. Bitcoin has had a great run again this year, doubling its value.
According to CoinMarketCap, the total value of all Ethereum in circulation is around $ 367 billion
The market value is $ 1.1 trillion.
Bitcoin has risen this year in part due to increased adoption by Corporate America. musk Tesla(TSLA) and software company MicroStrategy(MSTR) bought bitcoin to keep their balance sheets. Giants of digital payments square(SQ) and PayPal(PYPL) also let users buy, sell and hold crypto.
But Ethereum has seen an even bigger surge than Bitcoin as it is the cryptocurrency of choice for buying many non-fungible tokens or NFTs that have taken the world of art and the broader collectibles by storm.
An NFT piece by digital artist Beeple sold for nearly $ 70 million
at a Christie’s auction earlier this year. The baseball trading card company Topps has entered the NFT game by selling virtual cards and is now going public through a merger with a blank check specialty company (SPAC).
NFTs often provide unique videos and other digital content to fans of an artist, celebrity, or athlete. 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 started NFTs. A portion of Smith’s NFT sales will go to charity, he said. Paye has said all of its NFT sales go to a nonprofit.