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Bitcoin (CRYPTO: BTC) market cap topped the $ 1 trillion level late Monday night at press time, but it was Ethereum (CRYPTO: ETH), the finalist in terms of market capitalization, which stole the show.
What happened: BTC traded 6.65% higher at $ 53,844.15 at press time on a 24-hour basis, while ETH rose 7.25% to $ 1,843.42.
Ethereum has been supported by the frenzy surrounding non-fungible tokens in recent days.
In sympathy with the NFT craze, governance tokens of NFT projects have also rallied. Monavale (CRYPTO: MONA), the fashion auction exchange platform token was the main winner with 52.29% to $ 1,748.13, at the time of publication.
Other tokens of this type that have been in progress are Wax (CRYPTO: WAXP) which climbed 37.71% to $ 0.192 and Enjin coin (CRYPTO: ENJ) was 9.49% higher at $ 1.82.
Enjin climbed over 39% on Monday thanks to recent positive news and Ethereum dragging its feet on fee reform.
Chiliz (CRYPTO: CHZ), a token native to the eponymous sports blockchain platform soared more than 200% in the seven days leading up to Monday.
The token traded 76.11% higher at $ 0.241 at press time.
Why is this important: There has been an intense buzz around NFTs in recent days as several artists like Grimes, partner of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, Beeple, and Lindsay Lohan publish artwork using this technology.
On Monday, a now destroyed work of art by Banksy – “Morons” – sold as an NFT token for more than $ 394,000. Injective protocol (CRYPTO: INJ) was the firm behind the Banksy purchase.
Yum! Brands, Inc (NYSE: YUM) affiliate Taco Bell also jumped on the NFT bandwagon by releasing a Taco-themed art, which sold out shortly after it made its way to the Rarible Marketplace. .
Besides the NFT buzz, ETH is also expected to get an update this summer that would result in a reduction in the total number of tokens used.
Read more: Beyond Bitcoin: Chinese beauty app Meitu buys $ 22 million from Ethereum
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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