Bitcoin, step aside. The price of Ethereum has reached an all-time high.

 

Bitcoin prices rose nearly 6% to nearly $58,000 on Saturday, continuing their upward trend. However, the world's largest cryptocurrency, Bitcoin, has recently been eclipsed by its younger brother, Ethereum.

Ethereum, or ether for short, reached a new all-time high of just over $2,900 on Saturday. In 2021, ether prices nearly quadrupled, rising 290 percent. Bitcoin has also had a fantastic year, more than doubling in value.

According to CoinMarketCap, the cumulative amount of all Ethereum in circulation is now around $333 billion. Bitcoin has a market capitalization of about $1.1 trillion.

Despite the fact that there are thousands of cryptocurrencies, including the Elon Musk-inspired Dogecoin, Bitcoin and ether account for nearly two-thirds of the $2.2 trillion global crypto sector.

Bitcoin's price has soared this year, thanks in part to increased corporate acceptance. Tesla and MicroStrategy, both owned by Elon Musk, have purchased bitcoin to carry on their balance sheets. Square and PayPal, two of the most well-known digital payment companies, are now allowing users to purchase, sell, and keep cryptocurrency.

However, Ethereum has risen much faster than Bitcoin because it is the preferred cryptocurrency for purchasing many non-fungible tokens, or NFTs, which have swept the art and collectibles landscape.

At a Christie's auction earlier this year, one NFT piece by digital artist Beeple sold for nearly $70 million. Topps has entered the NFT game by selling virtual cards and is now going public through a merger with a blank check special purpose acquisition firm, or SPAC.

NFTs also provide fans of a musician, celebrity, or athlete with exclusive video and other multimedia material. Tom Brady, the Super Bowl winner, now owns his own NFT business.

DeVonta Smith, the Heisman Trophy winner, and defensive end Kwity Paye, both of whom were picked in this week's NFL Draft, both launched NFTs. Smith said that a part of the proceeds from his NFTs would go to charity. Paye has stated that all of his NFT proceeds will be donated to a charitable organization.