Ether, the second most important cryptocurrency, crosses the $ 4,000 threshold for the first time

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Ether, the second-largest cryptocurrency in the world, has grown by almost 7% in the last 24 hours, reaching a record $ 4,141.99 on Monday, writes cnbc.

Ether, the cryptocurrency associated with the Ethereum platform, now has a total market value of $ 476.3 billion. and is approaching the market capitalization of JPMorgan Chase, the largest US bank.

The entire cryptocurrency market is currently valued at $ 2.5 trillion, according to CoinMarketCap.

Although some major investors have recently turned to the virtual currency market, some voices warn that everything could turn out to be a big bubble. Michael Hartnett of Bank of America Securities even claims that the bitcoin advance looks like the “mother of all bubbles” while Stephen Isaacs of Alvine Capital says that “there is no basis for these products, period.”

Founded in 2013 by Vitalik Buterin, the Ethereum network allows the construction of applications. Recently, the 27-year-old Russian-Canadian programmer became a billionaire.

While bitcoin is seen by its followers as a gold-like store of value, Ethereum aims to build a decentralized internet that is not maintained by any central authority.

At the heart of this concept is “decentralized finance,” which aims to recreate traditional financial products based on blockchain technology.

Ethereum also benefits from the rise of NFT, non-fungible tokens, digital certificates that confirm the authenticity and ownership of digital products. Many NFTs, such as CryptoKitties and CryptoPunks, run on Ethereum.

Sursa foto: Pixabay

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