Bitcoin (CRYPTO: BTC) Market capitalization surpassed the $ 1 trillion level on Monday night at the time of this publication, but was Ethereum (CRYPTO: ETH), the runner-up in market value, who was stealing the show.
What happened: BTC traded 6.65% higher at $ 53,844.15 at the time of publication on a 24-hour basis, while ETH rose 7.25% to $ 1,843.42.
Ethereum has been driven by the frenzy surrounding non-fungible tokens in recent days.
In sympathy with the NFT craze, the governance tokens on NFT projects have also recovered. Monavale (CRYPTO: MONA) the token of the fashion auction exchange platform was the biggest winner, with 52.29%, at $ 1,748.13, so far.
Other tokens that were on the rise are Wax (CRYPTO: WAXP) which shot up 37.71% to $ 0.192 and Enjin Coin (CRYPTO: ENJ) was 9.49% higher at $ 1.82.
Enjin soared more than 39% on Monday, thanks to the recent positive news and Ethereum dragging its feet on rate reform.
Chiliz (CRYPTO: CHZ), a native token from the sports blockchain platform of the same name, soared more than 200% in the seven days leading up to Monday.
The token was traded 76.11% higher, at $ 0.241 at the time of this publication.
Why does it matter: There has been an intense buzz around NFTs in the last few days, with several artists like Grimes, partner of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, Beeple and Lindsay Lohan launching works of art using technology.
On Monday, a work of art now destroyed by Banksy – “Idiots” – was sold as an NFT token for more than $ 394,000. Injection protocol (CRYPTO: INJ) was the company behind Banksy’s purchase.
Yum! Brands, Inc (NYSE: YUM) subsidiary Taco Bell also joined the NFT movement by launching the art with the Taco theme, which sold out shortly after it was made available on the Rarible market.
In addition to the bustle of the NFT, ETH should also benefit from an update this summer that would result in a reduction in the total number of tokens in use.
Read below: Beyond Bitcoin: China’s publicly announced beauty app, Meitu, buys $ 22 million Ethereum
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