CNN – Bitcoin prices continue to make a comeback on Monday, rising to around $ 59,000. However, the world’s largest cryptocurrency has been largely overshadowed by its younger sibling, Ethereum.
Ethereum hit a new record high of around $ 3,200 on Monday. Prices more than quadrupled in 2021, up 325%.
While there are thousands of cryptocurrencies – including the Dogecoin powered by Elon Musk tweets – Bitcoin and Ethereum account for nearly two-thirds of the total global crypto market of $ 2.3 trillion.
Bitcoin has risen this year in part due to increased adoption by Corporate America. Musks Tesla and software company MicroStrategy bought Bitcoin to help keep their balance sheets. Digital payments giants Square and PayPal 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.
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.
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