Ethereum has reached an all-new high, topping $4,400 and showing impressive gains for 2021.
Bitcoin may be the biggest and most well-known cryptocurrency, but Ethereum is solidly in second place. The crypto began the year at roughly $383, but briefly topped $4,400 Thursday evening.
As CNET points out, Ethereum owes much of its success to the fact that developers use the Ethereum network for other altcoins and NFTs, making ether the default currency.
Tesla’s decision to stop accepting Bitcoin for payment led to some $365 billion of value being wiped from the crypto market.
Tesla made the decision in March to accept Bitcoin as payment for vehicle purchases. The move was not surprising, given CEO Elon Musk’s love of crypto. Yesterday, however, the company reversed its plans, with Musk citing the environmental impact of Bitcoin mining.
The decision already appears to have had a major impact on the crypto market, according to CNBC, with some $365.85 billion wiped from the market after Tesla’s announcement.
In particular, Bitcoin, ether and XRP were all significantly lower than their pre-announcement levels.