Digital currencies have been making international news since blockchain pioneer currency Bitcoin reached an all time high at the beginning of 2021. Riding on the coat tails of Bitcoin’s success and the increased interest in digital currencies, online coin Ethereum has also reach a peak in its market value.
As of Sunday February 28th 2021 on Ethereum coin was worth $1,380 United States Dollar after reaching highs of $1,960 United States Dollars on Friday 19th February 2021. In comparison, Bitcoin reached a peak of $57,849 United States Dollars on Sunday 21st February 2021, before a relative decline to $46,189 United States Dollars as of Friday 19th February 2021.
The spike comes as more companies are becoming interested in the digital currencies as the number in circulation begins to reach towards its limitations. Bitcoin for example will only ever have a maximum of 21 million coins in circulation. There are currently 18.5 million coins that have been mined, meaning there are only 2.5 million coins left to be unearthed. With far more less to mine, there were 72 million Ether coins launched at generation point but only 18 million Ether have currently been mined.
Interest in the online currencies was peaked when Tesla Inc Chief Executive Officer and billionaire tech entrepreneur, Elon Musk, tweeted on the subject. In a trend for stocks to rise on anything the cult celebrity figure comments on, Bitcoin and Ethereum proved no exception. He went on to comment that “That said, BTC & ETH do seem high lol”.
Fuelling the speculation around digital currencies Musk also commented: “Money is just data that allows us to avoid the inconvenience of barter …” The remark came after a dramatic purchase by Tesla of $1.5 billion Bitcoins. The record purchase is one reason prices for the coin may have risen so high in early to mid February.