Ethereum’s price is now at an all-time high. Why is Ethereum going up?

Ethereum’s price is now at an all-time high. Why is Ethereum going up?

Ether, the cryptocurrency a part of the Ethereum blockchain network, has reached record numbers on Tuesday with a price of $3,456.57, according to a report by CNBC.

Ethereum is currently right behind Bitcoin, with a market capitalization of $405 billion, according to real time data tracked by CoinMarketCap (Note: market capitalization is constantly changing). It experienced a 37.74% surge within the past seven days.

Dogecoin has also recently experienced a big price jump, spiking more than 100 percent last month. One Dogecoin is currently worth $0.53.

Binance CEO Changpeng Zhao says institutional investors and corporations purchasing cryptocurrencies and non-fungible tokens (NFTs) could be causing the Ether price to surge, according to a report by Fortune. An NFT is a unique crypto-asset that can be used to authenticate ownership of digital assets like artwork, Tweets, memes and music.

You can purchase Ether on Coinbase. Once you sign up for Coinbase, you’ll also receive $5 worth of Bitcoin for free once you verify your ID.

Here are some other options to get you started:

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Nicolette Accardi can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi. Find NJ.com on Facebook. Have a tip? Tell us. nj.com/tips

Ethereum hits new record high above $3,400, extending its more than 300% rally this year

GUANGZHOU, China — Ether, the digital coin linked to the Ethereum blockchain, hit an all-time high of $3,456.57 as the cryptocurrency extends a rally that has seen its price gain over 350% this year.

The digital coin pared some of those gains in Tuesday morning trade in London and was trading at $3,369.74 at 11:20 a.m., according to CoinDesk data.

Interest in cryptocurrencies has surged over the past year with bitcoin continuously pushing new record highs. A number of factors including rising institutional interest and major companies such as Tesla buying the digital coin have been credited with its rise.

Bitcoin has been described as “digital gold” or a store of value in times of geopolitical tumult or financial market volatility as well as a hedge against inflation.

But Ethereum is different. It acts more as a platform that developers can build apps on. Ethereum is the name of the network or underlying blockchain technology, while ether is the digital currency used to power the platform.

Ethereum’s 27-year-old creator is now a billionaire

New York (CNN Business) Vitalik Buterin, a 27-year-old Russian-Canadian programmer, created ethereum in 2013 when he was 19. The cryptocurrency launched in 2015, and now Buterin holds about 333,500 ether in his public wallet. Multiply that by the $3,500 record high ether stood at on Tuesday, and you get more than $1.1 billion. Not bad.

Buterin co-founded Bitcoin Magazine , a publication that covers bitcoin and other cryptocurrencies, in 2012. In 2014, he was selected to be part of the Thiel Fellowship , a two-year program created by billionaire Peter Thiel that “gives $100,000 to young people who want to build new things instead of sitting in a classroom.”

He isn’t super active on social media — surprising for a guy with 1.4 million Twitter followers.

Ether prices have more than quadrupled in 2021, soaring 375%. The cryptocurrency is currently the second-largest digital currency by market value — a bit less than half the market capitalization of bitcoin. The total value of all ethereum in circulation is now about $403 billion according to CoinMarketCap . One ether was priced at $3,482 on Tuesday.

Although investors buy and sell thousands of different cryptocurrencies — including the Elon Musk tweet-fueled dogecoin — ether and bitcoin account for nearly two-thirds of the entire $2.3 trillion global crypto market.

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