All cryptocurrencies are now worth two trillion

Smart contracts, NFTs and decentralized finance represent the new frontier opened by ether, based on the Ethereum blockchain, up 180% since the beginning of the year

(Photo: Chesnot / Getty Images) Two trillion dollars: it is the market capitalization that the cryptocurrency world first touched as a whole the other day, doubling within two months. And if bitcoin alone is worth just over half (one trillion dollars), the performance of ether, the main current token on the Ethereum blockchain, also shows record values. According to data reported by Coindesk on Tuesday, ether reached a peak of $ 2,151, while the market cap is around $ 236 billion, just over a tenth of the total. The growth of the second largest cryptocurrency is even more surprising considering that to buy an ether on January 1, 741 dollars were enough and a year ago even less, 172.

Little, compared to bitcoin, than after the record of $ 61,000 last month, it is now at $ 57,409, up from just over $ 7,000 a year ago. However, with these data, ether has achieved growth of 180% since the beginning of the year, with Ethereum driven by two fundamental trends: decentralized finance (defi) and non-fungible tokens (nft). The Ethereum blockchain is like a software platform that allows developers to develop ether-based smart contracts, to be spent within their web applications, so much so that we are now talking about "dapp" ("decentralized application"). In theory, financial ecosystems could bypass banks and intermediaries, and more and more actors believe in this medium. Last month, Chinese app developer Meitu bought ether for $ 22.1 million, for example.

Ethereum is also making a transition from proof-of-work to proof-of-stake (Ethereum 2.0), which instead of implying computational capacity as a validation factor for transactions (as in bitcoin), requires the simple possession of an interest share in the chain in the form of ether, by the validator node that receives the commissions associated with the transaction as a reward. This innovation should allow greater speed and lower energy costs, favoring the spread of the Ethereum system. This has already expanded thanks to nft, smart contracts dedicated to unique or rare collectible digital objects, used in gaming or in the world of digital art, as demonstrated by the purchase of Beeple's work for 69 million dollars.


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Topics

Bitcoin Blockchain Cryptocurrency Finance Nft globalData.fldTopic = "Bitcoin, Blockchain, Cryptocurrency, Finance, Nft "

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