Ethereum is leaving bitcoin in the crypto dustBy Paul R.La Monica, CNN BusinessUpdated 2007 GMT (0407 HKT) May 4, 2021 ‘use strict’;CNN.Videx = CNN.Videx || {};CNN.Videx.mobile = {};CNN.INJECTOR.executeFeature(‘video’).then(function () {CNN.VideoPlayer.handleUnmutePlayer = function handleUnmutePlayer(containerId, dataObj) {‘use strict’;var playerInstance,playerPropertyObj,rememberTime,unmuteCTA,unmuteIdSelector = ‘unmute_’ + containerId,isPlayerMute;dataObj = dataObj || {};if (CNN.VideoPlayer.getLibraryName(containerId) === ‘fave’) {playerInstance = FAVE.player.getInstance(containerId) || null;} else {playerInstance = containerId && window.cnnVideoManager.getPlayerByContainer(containerId).videoInstance.cvp || null;}isPlayerMute = (typeof dataObj.muted === ‘boolean’) ? dataObj.muted : false;if (CNN.VideoPlayer.playerProperties && CNN.VideoPlayer.playerProperties[containerId]) {playerPropertyObj = CNN.VideoPlayer.playerProperties[containerId];}if (playerPropertyObj.mute && playerPropertyObj.contentPlayed) {if (isPlayerMute === false) {unmuteCTA = jQuery(document.getElementById(unmuteIdSelector));playerInstance.unmute();if (unmuteCTA.length > 0) {unmuteCTA.removeClass(‘video__unmute–active’).addClass(‘video__unmute–inactive’);unmuteCTA.off(‘click’);rememberTime = 0;if (rememberTime 0) {$vidEndSlate.find(‘.l-container’).html(‘ ‘);$vidEndSlate.removeClass(‘video__end-slate–inactive’).addClass(‘video__end-slate–active’);}};CNN.autoPlayVideoExist = (CNN.autoPlayVideoExist === true) ? true : false;var configObj = {thumb: ‘none’,video: ‘business/2021/05/03/ethereum-record-high.cnnbusiness’,width: ‘100%’,height: ‘100%’,section: ‘international’,profile: ‘expansion’,network: ‘cnn’,markupId: ‘large-media_0’,adsection: ‘edition.cnnbusiness_investing_marketsnow_t1’,frameWidth: ‘100%’,frameHeight: ‘100%’,posterImageOverride: {“mini”:{“width”:220,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-small-169.jpg”,”height”:124},”xsmall”:{“width”:307,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-medium-plus-169.jpg”,”height”:173},”small”:{“width”:460,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-large-169.jpg”,”height”:259},”medium”:{“width”:780,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-exlarge-169.jpg”,”height”:438},”large”:{“width”:1100,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-super-169.jpg”,”height”:619},”full16x9″:{“width”:1600,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-full-169.jpg”,”height”:900},”mini1x1″:{“width”:120,”type”:”jpg”,”uri”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-small-11.jpg”,”height”:120}}},autoStartVideo = false,isVideoReplayClicked = false,callbackObj,containerEl,currentVideoCollection = [{“title”:”Ethereum is surging thanks to NFTs”,”duration”:”03:11″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/05/03/ethereum-record-high.cnnbusiness/index.xml”,”videoId”:”business/2021/05/03/ethereum-record-high.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210503123938-ethereum-cryptocurrency—stock-large-169.jpg”,”videoUrl”:”/videos/business/2021/05/03/ethereum-record-high.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Ethereum hit a new record high of about $3,200.Ether prices have more than quadrupled in 2021.CNN’s Paul R.La Monica reports.”,”descriptionText”:”Ethereum hit a new record high of about $3,200.Ether prices have more than quadrupled in 2021.CNN’s Paul R.
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CNN’s Clare Sebastian reports.”,”descriptionText”:”Dogecoin’s popularity has soared this year, buoyed in part by the adoption of bitcoin and other cryptocurrencies by business and mainstream investors.CNN’s Clare Sebastian reports.”},{“title”:”NFTs have completely transformed these digital artists’ lives”,”duration”:”05:41″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/30/nft-crypto-js-orig.cnn/index.xml”,”videoId”:”business/2021/03/30/nft-crypto-js-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210329175232-nft-js-orig-2-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/30/nft-crypto-js-orig.cnn/video/playlists/business-digital-currency/”,”description”:”CNN’s Jon Sarlin talks with Carlos Marcial and Osinachi, two of the many digital artists around the world who have seen their lives turned upside down with the booming market for NFTs —the digital tokens that have fueled the rise of an unprecedented market for digital art.”,”descriptionText”:”CNN’s Jon Sarlin talks with Carlos Marcial and Osinachi, two of the many digital artists around the world who have seen their lives turned upside down with the booming market for NFTs —the digital tokens that have fueled the rise of an unprecedented market for digital art.”},{“title”:”Bitcoin has an energy problem”,”duration”:”03:10″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/14/bitcoin-energy-consumption.cnnbusiness/index.xml”,”videoId”:”business/2021/04/14/bitcoin-energy-consumption.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190207141811-01-bitcoin-file-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/14/bitcoin-energy-consumption.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”According to one estimate, the process of mining bitcoins and keeping the network running uses more energy than Belgium in a year.CNN’s Clare Sebastian reports on the network’s vast energy usage.”,”descriptionText”:”According to one estimate, the process of mining bitcoins and keeping the network running uses more energy than Belgium in a year.CNN’s Clare Sebastian reports on the network’s vast energy usage.”},{“title”:”Coinbase CFO: We’re an on-ramp to the crypto economy”,”duration”:”05:18″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness/index.xml”,”videoId”:”business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210414080400-coinbase-cfo-alesia-haas-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Coinbase Global is going public through a direct listing Wednesday, becoming the first cryptocurrency exchange on the stock market.
CNN’s Julia Chatterley speaks with CFO Alesia Haas.”,”descriptionText”:”Coinbase Global is going public through a direct listing Wednesday, becoming the first cryptocurrency exchange on the stock market.CNN’s Julia Chatterley speaks with CFO Alesia Haas.”},{“title”:”Mohamed El-Erian’s take on crypto investing”,”duration”:”04:16″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness/index.xml”,”videoId”:”business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210405124554-mohamed-el-erian-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness/video/playlists/business-digital-currency/”,”description”:” Allianz Chief Economic Adviser Mohamed El Erian says rising government bonds yields have sent investors into bitcoin.He weighs in on the pros and cons of investing in cryptocurrency.”,”descriptionText”:” Allianz Chief Economic Adviser Mohamed El Erian says rising government bonds yields have sent investors into bitcoin.He weighs in on the pros and cons of investing in cryptocurrency.”},{“title”:”Ripple CEO: Crypto industry must address energy demand”,”duration”:”03:27″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness/index.xml”,”videoId”:”business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210401140138-ripple-ceo-brad-garlinghouse-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Brad Garlinghouse, CEO of Ripple, says the environmental impact of digital transactions “could limit the success of these technologies.””,”descriptionText”:”Brad Garlinghouse, CEO of Ripple, says the 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But is it a good investment? CNN Business talks to NBA player Tyrese Haliburton and investor Michael Levy about the digital future of sports fandom.”,”descriptionText”:”Top Shot is turning NBA plays into NFTs.But is it a good investment? CNN Business talks to NBA player Tyrese Haliburton and investor Michael Levy about the digital future of sports fandom.”},{“title”:”ConsenSys CEO: Crypto is crossing the chasm into popular culture”,”duration”:”03:14″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/22/consensys-ceo-crypto-decentralized-finance.cnnbusiness/index.xml”,”videoId”:”business/2021/04/22/consensys-ceo-crypto-decentralized-finance.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210422100608-consensys-ceo-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/22/consensys-ceo-crypto-decentralized-finance.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Joseph Lubin, ConsenSys CEO and co-founder of Ethereum, talks with CNN’s Julia Chatterley about Dogecoin, bitcoin, and the disruption of a “decaying” monetary system.”,”descriptionText”:”Joseph Lubin, ConsenSys CEO and co-founder of Ethereum, talks with CNN’s Julia Chatterley about Dogecoin, bitcoin, and the disruption of a “decaying” monetary system.”},{“title”:”Binance.US wants to make crypto more accessible”,”duration”:”08:01″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/21/binance-crypto-brian-brooks.cnnbusiness/index.xml”,”videoId”:”business/2021/04/21/binance-crypto-brian-brooks.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210421120810-brian-brooks-binance-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/21/binance-crypto-brian-brooks.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN’s Julia Chatterley that “at a certain point, finance will have migrated out of the analog age and into the digital age.” He weighs in on Dogecoin, Coinbase, and regulation.”,”descriptionText”:”Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN’s Julia Chatterley that “at a certain point, finance will have migrated out of the analog age and into the digital age.” He weighs in on Dogecoin, Coinbase, and regulation.”},{“title”:”Dogecoin’s value has skyrocketed this year”,”duration”:”03:24″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/20/dogecoin-crypto-dogeday-value.cnnbusiness/index.xml”,”videoId”:”business/2021/04/20/dogecoin-crypto-dogeday-value.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210414121716-doge-coin-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/20/dogecoin-crypto-dogeday-value.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Dogecoin’s popularity has soared this year, buoyed in part by the adoption of bitcoin and other cryptocurrencies by business and mainstream investors.
CNN’s Clare Sebastian reports.”,”descriptionText”:”Dogecoin’s popularity has soared this year, buoyed in part by the adoption of bitcoin and other cryptocurrencies by business and mainstream investors.CNN’s Clare Sebastian reports.”},{“title”:”NFTs have completely transformed these digital artists’ lives”,”duration”:”05:41″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/03/30/nft-crypto-js-orig.cnn/index.xml”,”videoId”:”business/2021/03/30/nft-crypto-js-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210329175232-nft-js-orig-2-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/30/nft-crypto-js-orig.cnn/video/playlists/business-digital-currency/”,”description”:”CNN’s Jon Sarlin talks with Carlos Marcial and Osinachi, two of the many digital artists around the world who have seen their lives turned upside down with the booming market for NFTs —the digital tokens that have fueled the rise of an unprecedented market for digital art.”,”descriptionText”:”CNN’s Jon Sarlin talks with Carlos Marcial and Osinachi, two of the many digital artists around the world who have seen their lives turned upside down with the booming market for NFTs —the digital tokens that have fueled the rise of an unprecedented market for digital art.
“},{“title”:”Bitcoin has an energy problem”,”duration”:”03:10″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/14/bitcoin-energy-consumption.cnnbusiness/index.xml”,”videoId”:”business/2021/04/14/bitcoin-energy-consumption.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190207141811-01-bitcoin-file-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/14/bitcoin-energy-consumption.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”According to one estimate, the process of mining bitcoins and keeping the network running uses more energy than Belgium in a year.CNN’s Clare Sebastian reports on the network’s vast energy usage.”,”descriptionText”:”According to one estimate, the process of mining bitcoins and keeping the network running uses more energy than Belgium in a year.CNN’s Clare Sebastian reports on the network’s vast energy usage.”},{“title”:”Coinbase CFO: We’re an on-ramp to the crypto economy”,”duration”:”05:18″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness/index.xml”,”videoId”:”business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210414080400-coinbase-cfo-alesia-haas-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/14/coinbase-cfo-ipo-direct-listing.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Coinbase Global is going public through a direct listing Wednesday, becoming the first cryptocurrency exchange on the stock market.CNN’s Julia Chatterley speaks with CFO Alesia Haas.”,”descriptionText”:”Coinbase Global is going public through a direct listing Wednesday, becoming the first cryptocurrency exchange on the stock market.CNN’s Julia Chatterley speaks with CFO Alesia Haas.”},{“title”:”Mohamed El-Erian’s take on crypto investing”,”duration”:”04:16″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness/index.xml”,”videoId”:”business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210405124554-mohamed-el-erian-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness/video/playlists/business-digital-currency/”,”description”:” Allianz Chief Economic Adviser Mohamed El Erian says rising government bonds yields have sent investors into bitcoin.
He weighs in on the pros and cons of investing in cryptocurrency.”,”descriptionText”:” Allianz Chief Economic Adviser Mohamed El Erian says rising government bonds yields have sent investors into bitcoin.He weighs in on the pros and cons of investing in cryptocurrency.”},{“title”:”Ripple CEO: Crypto industry must address energy demand”,”duration”:”03:27″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness/index.xml”,”videoId”:”business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210401140138-ripple-ceo-brad-garlinghouse-large-169.jpg”,”videoUrl”:”/videos/business/2021/04/01/ripple-ceo-crypto-energy-environment.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Brad Garlinghouse, CEO of Ripple, says the environmental impact of digital transactions “could limit the success of these technologies.””,”descriptionText”:”Brad Garlinghouse, CEO of Ripple, says the environmental impact of digital transactions “could limit the success of these technologies.””},{“title”:”Why bitcoin could triple over next year”,”duration”:”02:10″,”sourceName”:”CNN Business”,”sourceLink”:”https://crypto247.news/wp-content/uploads/2021/05/trendomatic/210219081655-02-bitcoin-file-large-169.jpg”,”videoUrl”:”/videos/business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business/video/playlists/business-digital-currency/”,”description”:”William Quigley, managing director of Magnetic, explains why he believes that bitcoin’s value can still rise dramatically into 2022.”,”descriptionText”:”William Quigley, managing director of Magnetic, explains why he believes that bitcoin’s value can still rise dramatically into 2022.”},{“title”:”Visa CEO: We see digital currency as a player in global commerce”,”duration”:”03:20″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/02/17/visa-ceo-digital-currency-transactions.cnnbusiness/index.xml”,”videoId”:”business/2021/02/17/visa-ceo-digital-currency-transactions.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210217144102-visa-ceo-al-kelly-large-169.jpg”,”videoUrl”:”/videos/business/2021/02/17/visa-ceo-digital-currency-transactions.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Al Kelly, CEO of Visa, discusses how Visa is working to create utility around cryptocurrency.”,”descriptionText”:”Al Kelly, CEO of Visa, discusses how Visa is working to create utility around cryptocurrency.”},{“title”:”Tesla invests $1.5 billion in bitcoin”,”duration”:”03:17″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://crypto247.news/wp-content/uploads/2021/05/trendomatic/201202115204-bitcoin-large-169.jpg”,”videoUrl”:”/videos/business/2021/02/08/bitcoin-tesla.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Tesla is betting big on bitcoin, saying it may soon accept the digital currency as payment for its cars.CNN’s Paul R.La Monica reports.”,”descriptionText”:”Tesla is betting big on bitcoin, saying it may soon accept the digital currency as payment for its cars.CNN’s Paul R.La Monica reports.”},{“title”:”PayPal CEO: Our move into cryptocurrencies is to bolster utility”,”duration”:”03:57″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/index.xml”,”videoId”:”business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201123105600-paypal-cryptocurrency-large-169.jpg”,”videoUrl”:”/videos/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”,”descriptionText”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”}],’js-video_headline-featured-rbewbx’,”,”js-video_source-featured-rbewbx”,true,true,’business-digital-currency’);if (typeof configObj.context !== ‘string’ || configObj.context.length <= 0) {configObj.context = 'investing'.replace(/[()-]/g, '');}configObj.videoCollection = 'business-digital-currency';CNN.VideoPlayer.getLibrary(configObj, videoHandler.getEventCallbackObject(), isLivePlayer, videoHandler.getMediaMetadataCallbacks());videoHandler.getCollectionCarouselElement().on('VIDEO_CAROUSEL_ITEM_CLICKED', CNN.VIDEOCLIENT.triggerSunrise);}});CNN.INJECTOR.scriptComplete('videodemanddust');JUST WATCHEDEthereum is surging thanks to NFTsReplayMore Videos ...MUST WATCH{"@context": "https://schema.org“,”@type”: “VideoObject”,”name”: “Ethereum is surging thanks to NFTs”,”description”: “Ethereum hit a new record high of about $3,200.Ether prices have more than quadrupled in 2021.CNN’s Paul R.
La Monica reports.”,”thumbnailURL”: “https://crypto247.news/wp-content/uploads/2021/05/trendomatic/210503123938-ethereum-cryptocurrency—stock-exlarge-169.jpg”,”image”: “https://crypto247.news/wp-content/uploads/2021/05/trendomatic/210503123938-ethereum-cryptocurrency—stock-exlarge-169.jpg”,”duration”: “PT3M12S”,”uploadDate”: “2021-05-03T17:27:59Z”,”contentUrl”: “https://edition.cnn.com/videos/business/2021/05/03/ethereum-record-high.cnnbusiness”,”url”: “https://edition.cnn.com/videos/business/2021/05/03/ethereum-record-high.cnnbusiness”,”embedUrl”: “https://fave.api.cnn.io/v1/fav/?video=business/2021/05/03/ethereum-record-high.cnnbusiness&customer=cnn&edition=international&env=prod”} (15 Videos)Ethereum is surging thanks to NFTsLolli CEO: We’re a risk-free way to get into the bitcoin spaceHow NBA Top Shot turned dunks into digital goldConsenSys CEO: Crypto is crossing the chasm into popular cultureBinance.US wants to make crypto more accessibleDogecoin’s value has skyrocketed this yearNFTs have completely transformed these digital artists’ livesBitcoin has an energy problemCoinbase CFO: We’re an on-ramp to the crypto economyMohamed El-Erian’s take on crypto investingRipple CEO: Crypto industry must address energy demandWhy bitcoin could triple over next yearVisa CEO: We see digital currency as a player in global commerceTesla invests $1.5 billion in bitcoinPayPal CEO: Our move into cryptocurrencies is to bolster utilityNew York (CNN Business)Hunter S.Thompson once wrote, “There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge.” He was referring to the intoxicating drug, not the cryptocurrency.But ethereum investors may have reasons for fear and loathing, too.The world’s second-most valuable cryptocurrency has soared even more than bitcoin (XBT) in 2021 thanks to non-fungible token mania and increased adoption of ethereum — ether, for short.Ether prices are now hovering around $3,400, a more than 350% gain this year.Bitcoin prices have risen a “mere” 90% by way of comparison.In the past week alone, ether is up a staggering 30% while bitcoin is flat.That has raised some concerns that ether has risen too far, too fast, just like bitcoin did in 2017 before plunging spectacularly in 2018.Ethereum’s 27-year-old creator is now a billionaireSo why has ethereum, which now has a combined market value of almost $400 billion for all its coins in circulation, taken off lately?Ether is the main currency of choice used to purchase non-fungible tokens, or NFTs, the digital assets that have become increasingly popular in the art and sports collectibles world.Read More”Why is there so much interest in ether right now? With the explosion of NFTs, people are viewing alternatives to bitcoin like ether as a real utility.
It’s not just a store of value, the digital gold that bitcoin is,” said John Wu, president of Ava Labs, an ethereum-compatible blockchain firm.Wu added that ether is also getting a boost thanks to two other more technical developments.Coinbase, the giant crypto brokerage firm that recently went public, is now supporting transactions for Tether and USD Coin, two so-called stablecoins that are pegged to the dollar.Each of them are compatible with ethereum digital wallets.Ether also just went through a hard fork — essentially an upgrade to the ethereum blockchain network that will help increase transaction speeds.Ether, like bitcoin, is going mainstreamBut ether’s rise goes beyond technical reasons.”There is a real, fundamental, and persistent demand shift happening right now,” said Jeff Dorman, chief investment officer at Arca, in a blog post this week.He said that up until recently, new cryptocurrency investors only cared about bitcoin.Then they started to show interest in other cryptocurrencies, particularly ethereum, as a way to diversify their holdings.Here’s how to buy bitcoin without all the risk of buying bitcoin”Ethereum has now crossed the Rubicon into the mainstream, and despite the difficulty understanding it, investors of all sorts are finding reasons to add ETH to their portfolios,” Dorman wrote.
S&P Dow Jones Indices has validated cryptocurrencies as well.
The index provider behind the Dow and S&P 500, said Tuesday that it was launching a bitcoin index, ethereum index and cryptocurrency megacap index.”Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices, in a press release.Investors may also be flocking to ethereum as well as other cryptocurrencies because there are rising concerns about inflation looming on the horizon as the global economy and US job market heats up.Hedge against central banks printing more moneyEther is part of the so-called decentralized finance, or DeFi revolution that offers financial products which don’t rely on central banks.”With inflation rising, DeFi products on ethereum are the perfect way for people to combat the uncertainty created by central bank money printing and various supply shocks,” said Sergey Nazarov, co-founder of Chainlink, in an email to CNN Business.
All that said, investors probably need to be careful.Ether’s rise has been so sharp and sudden that one can’t help but expect an eventual pullback like Bitcoin had in 2018 after it first enjoyed a massive surge.But Tally Greenberg, head of business development at Allnodes, a cryptocurency hosting provider, said she’s not worried that ether will suffer the same fate.”I’m not sure that ether will dip that much,” she said.”Yes, its price may fluctuate.
But ethereum may have even more potential than bitcoin.”.
