logo

Ethereum logs record highs thanks to rising NFT boom

Ethereum

TL;DR Breakdown

• ETH could reach new all-time highs in 2021.
Ethereum is the preferred network for creating non-fungible tokens.

Ethereum, the highest-value altcoins in the crypto market, continues on a roll due to NFT trading and its increasing adoption. The cryptocurrency that ranks number two in the crypto market traded at more than $4,600 after being used in several NFT auctions and DeFi projects. This occurred after ETH had initially lost some of its value earlier in the month.

Ether has reportedly reached over 1,000 percent of its value in 2021, showing that its adoptions are rising. Ethereum is used to create NFTs, crypto mining, and in the DeFi project around the world.

Ethereum maintains its bullish streak in 2021

Ethereum

Cryptocurrency trading in 2021 has been surrounded by many speculations and integrating new technologies that have affected the Ethereum price. Among some novelties is the metaverse integration that Mark Zuckerberg, the Facebook creator, promotes. After this announcement by Zuckerberg and his virtual universe, tokens such as Ether rose in price, considering this cryptocurrency is linked to technology.

Solana, an alternate token to ETH, also realised an increase in its price that exceeded 30 percent. Today, November 4, SOL trades at $241.07, according to CoinMarketCap.

ETH and its link to NFTs

Many crypto investors may wonder why Ethereum is rising if Bitcoin and other altcoins like Doge overshadow it. However, ETH has much more value than is believed because it is the cryptocurrency that gives value to NFTs.

The non-fungible token market has gained participation this New Year, even though it has been a virtual auction system operating since 2017. Ether has been the engine that helps create these virtual pieces, and the more the NFT wave grows, the higher the adoption towards crypto.

Unique adoptions at NFT have also caused crypto’s value to skyrocket. Considering that large firms like McDonals have explored these virtual pieces. Like other NFTs creators, the company extracted the piece for ERC-721 part of the Blockchain in Ethereum.

Ether will also lend its technology for the metaverse that Facebook as a technology company proposes for the next few months. Undoubtedly, Ether will have a few fabulous days where its value will rise due to the adoption of various technologies. For now, the cryptocurrency maintains a price of $4,481, with an increase of 7.70 percent of its value in the last week.

Ether has a market capitalization of $529,755,443,085, occupying almost 50 percent of the capitalization shown by the Bitcoin crypto. ETH may not outperform BTC in the virtual market, but it is the second most powerful cryptocurrency to trade.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

CALDANCE to Revolutionize the Fitness2Earn Landscape
Metaverse, Web 3.0 Disruption and Blockchain Advancement  to be Discussed at MetaWeek in Dubai
Asian Blockchain Festival 2022 - An In-Depth Insight About Blockchain
Litecoin price analysis: Bullish spell launches LTC above $61.85
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping

Follow Us

Industry News

Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform
Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?