Ethereum or Ether’s trading prices have almost quadrupled this year. They soared 290 percent. This trend has led Ethereum to overshadow Bitcoin lately, hitting a new record high on Saturday, May 1, of merely over US$2,900.
We feel thrilled to read this news about Bitcoin’s “younger sibling.” Ethereum is an international open-source, decentralized, and blockchain-based software platform. We believe it can surpass the dominance of Bitcoin later on.
Ethereum has relished an even bigger trading price surge than Bitcoin because it is the cryptocurrency of choice for the purchases of plenty of non-fungible tokens or NFTs today, per the update posted online by international news outlet CNN.
NFTs have taken the broader collectibles and art world by storm recently. They provide fans of a celebrity, artist, or athlete unique videos and other kinds of digital content.
At the time of writing, Ethereum’s trading price is precisely US$2,916.69, according to the information posted at Coinmarketcap.com. Additionally, its market capitalization is approximately US$337 billion.
The total value of all Ether in circulation is now in the neighborhood of US$333 billion, per Coinmarketcap.com. We are very much excited to learn of the latest reports about Ethereum.
We have learned that Bitcoin’s trading prices carried on their rebound last May 1. The world’s largest cryptocurrency has risen roughly 6 percent to almost US$58,000. Plus, this 2021, Bitcoin has had a fantastic run as it doubles in value.
At the time of writing, XBT or BTC’s market value is nearing US$1.1 trillion. Corporate America, including software company MicroStrategy and Elon Musks’ Tesla, have purchased Bitcoin to hold on their balance sheets. This trend has facilitated an upsurge in Bitcoin’s trading price.
We think that it is not far from possible for Ethereum to surpass Bitcoin down the road. After all, the runner-up to the world’s famous cryptocurrency has the capability of storing computer codes that power applications and contracts.
Additionally, we agree that Ethereum can supplant Bitcoin in the limelight. It is because of the increased usage of Ethereum for buying NFTs and the various entities and public figures’ adoption of them in their endeavors. Among these prominent personalities are athletes DeVonta Smith, Tom Brady, and Kwity Paye.
Brady is a Super Bowl champion who now has his own NFT firm. Meanwhile, prolific National Football League athletes Paye and Smith launched their NFTs and have expressed their intent to donate some of their sales proceeds to charitable and non-profit organizations.
We recommend our readers, especially Bitcoin enthusiasts, to monitor Ethereum. After all, we think that the future is all about the other cryptocurrencies and digital assets in the ever-evolving and diverse virtual currency space, and it is not just about Bitcoin anymore.