Ethereum’s price is soaring, fueled by the rising NFT craze and growing acceptance by major financial institutions.
Ethereum’s price has soared past (AU) $4206 for the first time as the cryptocurrency’s momentum continues to develop.
Sometimes referred to as the “little brother” of the more well-known bitcoin, the NFT craze has reintroduced Ethereum to the mainstream.
It is now more valuable than Disney, PayPal, and Nestle combined.
In recent months, the exchange of NFTs, or nonfungible tokens, has exploded in the US markets.
An NFT is a data unit that is processed on a decentralized digital ledger known as a blockchain. And Ethereum is the preferred cryptocurrency for the purchasing of a large number of NFTs.
In April, an NFT of the photo that inspired the infamous “Disaster Girl” meme fetched a mind-boggling $650,000.
Ethereum’s price has skyrocketed. It was selling for $13 at the start of 2017 and would cost only $193 in 2020.
In April, Ethereum’s development outpaced that of bitcoin.
According to the Wall Street Journal, ether gained 40% while bitcoin dropped about 2.4 percent.
The decentralized, open-source blockchain cryptocurrency is the second largest by market capitalization, behind only bitcoin.
The network, which was proposed in 2013 by programmer Vitalik Buterin, went live in 2015.
The cyrptocoin is gaining institutional support at a rapid rate. The European Investment Bank sold $154 million in two-year Ethereum bonds last week.
According to Jean-Marie Mognetti, CEO of asset manager CoinShares, the rise in markets such as NFTs has been “mind-boggling.”
“Ethereum as a network enables all of this.”