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Ethereum price continues to rise amidst marketwide trend reversal and NFT market boom

Posted: 4 February 2022 6:30 pm
News
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NFT marketplaces like OpenSea have been registering 24-hr trade volumes in excess of AUD$140 million on a regular basis.

  • Web 3.0 has been the most-searched tech term since the start of the year, as per reports.
  • Open source blockchain platform Tezos has partnered with Manchester United as part of a AUD$37 million (approx.) kit sponsorship deal.
  • Ethereum's total market cap currently stands at AUD$468 billion.

Ethereum, the world's second largest cryptocurrency by total market capitalisation, has continued to rise in tandem with the market over the last couple of days. As a result, the altcoin is showcasing weekly gains in excess of 14% while trading at a price point of AUD$3,980.

This ongoing price ascent comes at a time when a number of blue chip NFTs are rallying. To elaborate, offerings such as Azuki, Bored Ape Yacht Club, CloneX and Mutant Ape Yacht Club have seen their values surge since 28 January, with all 4 projects generating more than AUD$490 million (US$350 million) in value. Not only that, a number of prominent NFT marketplaces have continued to register daily transaction volumes in excess of AUD$140 million (US$100 million).

Lastly, studies have revealed that Web 3.0 — a decentralised version of the world wide web built largely on the Ethereum network — has been able to generate a lot of interest since the start of the year. In fact, the term has been one of the biggest buzzwords of 2022, with researchers from Electric Capital revealing that a whopping 34,000 developers are working exclusively on Web 3.0-centric projects at the moment.

How to buy Ethereum

NFT ads flood Texas billboards

Sam Feldman, the founder of marketcap.guide, a website designed to educate users regarding the crypto market, revealed that he has set up more than a 100 different billboards across Texas city over the course of the past 6 odd months as a means of promoting NFT adoption.

To date, Feldman claims to have dished out over AUD$860K (US$620K) of his money as well as launched a number of NFTs on the SOL ecosystem. He plans on using 70% of his generated revenue to release even more billboards and carry forward his vision of spreading crypto education across America over the coming few months. On the subject, he was quoted as saying:

"It's not just that we're selling people a picture of a billboard. We're asking people to believe in this idea of a self-fulfilling prophecy of billboards around the world where the more people that believe in it, the more it happens and happens and the more awareness spreads."

Tezos enters into a partnership with Manchester United

One of the world's leading soccer clubs Manchester United has entered into a multi-year training kit sponsorship with Tezos, an open source blockchain project. As per reports, the entire agreement is touted to be worth AUD$37 million (US$27 million) and may potentially also involve the soccer giant exploring other crypto spaces such as the burgeoning Web 3.0 ecosystem in the near term.

Lastly, it is worth noting that since 2021, Tezos has been heavily involved in the sports sponsorship space, with the company having become Red Bull Racing's official blockchain partner last year.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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