Bitcoin, the world’s most popular cryptocurrency, continues to grow weekly. It went up about 6% in market value to reach the $58,000 price. However, the achievement has been overshadowed by Ethereum on Saturday.
The rise seems to have continued on Sunday, to a limited extent for the major digital assets.
The incident surprised many market analysts from various perspectives. But several enthusiasts were expecting Ether to compete with BTC at some point.
Ethereum is currently the 2nd trending cryptocurrency in the US market from every aspect. It managed to reach a new record-high mark of $2900 on Saturday.
As it seems, Ether’s price almost quadrupled in 2021 alone. Its price soared over 290% to outmatch the BTC’s almost 2X increment.
CoinMarketCap estimates the total market value exceeds about $333Bn for Ethereum in circulation. Meanwhile, Bitcoin’s (XBT) circulation value counts nearly $11.1Tn.
Even the much-debated Dogecoin (DOGE) keeps booming in its market value. Combined total of BTC, Ether & DOGE controls over 2/3 of the entire crypto market. Not to mention, the global crypto market values around $2.2 trillion right now.
Bitcoin keeps soaring due to increased adoption in the US corporate world. It may count big names like Tesla (TSLA), MicroStrategy (MSTR), Square (SQ) & PayPal (PYPL). Several other companies are planning to join the crypto world in the near future.
But Ethereum surpassed the increment, thanks to the growing demand for NFTs.
NFT (non-fungible token) remains the primary cause of Ether’s surging price. Purchase of NFTs is more ether-centered in comparison to bitcoin. The trending token almost immediately took over the arts and wider collectibles.
A single NFT piece by Beeple, a digital artist, sold at a whopping $70Mn in an auction. Topps, a baseball trading car platform, also launched a digital card selling program.
Virtual art/token/card keeps getting the mainstream attention with time. NFTs are now offering digital content by athletes, celebrities and artists to the fans.
Bitcoin still dominates the majority of the NFT market for now. But ether seems to stand against bitcoin with its legacy of consistent improvement.