At roughly $300 billion, Ether is the second-largest cryptocurrency by market capitalization, and there have been a number of headlines recently regarding its many uses. This month, the European Investment Bank issued the first-ever digital bond on the Ethereum blockchain network, while non-fungible tokens (NFTs) and smart contracts appear to be growing exponentially.
In fact, virtual worlds such as Decentraland are a fascinating new digital market in which a virtual land sale transaction just occurred for over $500k. Given all of these innovative uses for Ethereum, it’s not surprising to see the Ethereum Trust (ETHE) outperform the Bitcoin Trust (GBTC). Over the past six months, ETHE returned 343% versus 188% for GBTC.
At ETF PM, we believe that all investors should have at least some allocation to both of these leading cryptocurrencies.
ETF PM has been trading long positions in ETHE and GBTC. See prior notes: 4/21c, 4/21b, 4/21, 3/21c, 3/21b, 3/21, 2/21, 1/21, 12/20, 11/20b, 11/20, 10/20, 12/17).
Digital currency ether hits record high, stealing bitcoin’s limelight
Ryan Browne, 4/29/21
LONDON – Ether hit an all-time high Thursday as bitcoin’s dominance of the cryptocurrency market declined.
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