Bitcoin (CRYPTO: BTC) market capitalization surpassed the $1 trillion level late Monday night at press time but it was Ethereum (CRYPTO: ETH), the runner-up in terms of market cap, that was stealing the show.
What Happened: BTC traded 6.65% higher at $53,844.15 at press time on a 24-hour basis, while ETH was up 7.25% at $1,843.42.
Ethereum has been buoyed by the frenzy surrounding non-fungible tokens in recent days.
In sympathy with the NFT craze, governance tokens of NFT projects too have rallied. Monavale (CRYPTO: MONA) the token of the fashion auction exchange platform was the top gainer at 52.29% at $1,748.13, as of press time.
Other such tokens that have been on the way up are Wax (CRYPTO: WAXP) which shot up 37.71% to $0.192 and Enjin Coin (CRYPTO: ENJ) was higher by 9.49% to $1.82.
Enjin soared over 39% on Monday thanks to recent positive news and Ethereum dragging its feet on fee reform.
Chiliz (CRYPTO: CHZ), a native token of the eponymous sports blockchain platform has soared over 200% in the seven days leading up to Monday.
The token traded 76.11% higher at $0.241 at press time.
Why It Matters: There has been an intense buzz around NFTs in recent days as multiple artists like Grimes, partner of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, Beeple, and Lindsay Lohan releasing artworks using the technology.
On Monday, a now-destroyed artwork by Banksy — “Morons” — sold as an NFT token for over $394,000. Injective Protocol (CRYPTO: INJ) was the firm behind the Banksy buy.
Apart from the NFT buzz, ETH is also set to benefit from an update this summer that would result in a reduction in the total number of tokens in use.
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