Ethereum, or ether
for short, hit a new record high of above $4,100 Monday morning.
Ether is the world’s second most valuable cryptocurrency, trailing only bitcoin (XBT)
It has soared 465% so far this year — and more than 30% in just the past week — thanks in large part to the fact that it’s the currency of choice behind popular non-fungible token
(NFT) transactions that have taken the art and sports collectible world
s by storm.
Ether is quickly catching up to bitcoin in market value too. All of the ethereum currently in circulation are worth about $480 billion, while bitcoin’s market cap is just over $1 trillion. Bitcoin and ether make up about 63% of the total market value for all cryptocurrencies.
Bitcoin has gained traction on Wall Street, particularly as a hedge against inflation and fluctuations in the value of government-backed currencies — almost like a digital gold. PayPal (PYPL)
and Square (SQ)
also let users buy, sell and hold the crypto.
But dogecoin, the Shiba Inu-themed cryptocurrency that Tesla (TSLA)
and SpaceX CEO Elon Musk has repeatedly touted (although he quipped on the most recent “Saturday Night Live”
that it’s simply a “hustle”) is now the world’s fourth largest crypto.
Still, even after a 10,000% surge this year to a combined value of about $66 billion, dogecoin still makes up less than 3% of the total crypto market. Dogecoin prices have also plunged more than 20% since Musk’s SNL appearance…from about 65 cents to just over 50 cents.
There are legitimate questions about whether dogecoin has any serious applications for businesses and the broader economy — outside of Musk’s orbit that is.
Canadian research and development and consulting firm Geometric Energy announced Sunday that it was launching a lunar payload on a SpaceX Falcon 9 rocket and that it was paying in dogecoin
. Financial terms of the deal were not disclosed though.