Just a week after dogecoin’s massive rally, during which the coin surpassed the 70-cent mark for the first time in the lead-up to Elon Musk’s hosting appearance on “Saturday Night Live,” ethereum is taking its turn in the spotlight.
The coin has been on a massive tear in recent days, nearly doubling in value over the past month. The world’s second-biggest cryptocurrency by market cap now costs more than $4,000 per coin, a far cry from the $176 it was commanding a year ago.
Unlike dogecoin, whose rise has been fueled by tweets and Reddit threads, ethereum has support from institutional investors and has been the cryptocurrency of choice for blockbuster multimillion-dollar NFT transactions.
It is built on blockchain technology just like bitcoin, but instead of being viewed by its proponents as a store of value akin to gold, it is seen by investors such as Mark Cuban as having a higher utilization. That’s because one of its uses is as infrastructure for a decentralized internet, and people can build apps on the Ethereum network.
An investment in ethereum at the beginning of the year would have seen strong growth over the ensuing months. A $1,000 ethereum purchase on Jan. 1 — at a price