Ethereum ETH/USD traded 13.04% higher over 24 hours at $2,006.53 at press time.
What Happened: The Vitalik Buterin co-created coin was up 0.64% for the week as it moved in parallel with the broader cryptocurrency market whose market cap rose 9.55% to $1.32 trillion.
ETH traded 3.8% higher against the apex cryptocurrency Bitcoin BTC/USD over 24 hours.
On Wednesday, Tesla Inc TSLA CEO Elon Musk revealed at an appearance on The B Word Conference that he was a holder of ETH.
Musk said most of his holdings being "by far Bitcoin and then some Doge and some Ether."
See Also: How To Buy Ethereum (ETH)
Why It Matters: Musk’s revelation means that not only do his companies Tesla and SpaceX hold cryptocurrencies, so does he in a private capacity.
He said, “If the price of BTC goes down, I lose money.”
Ethereum had received a pounding recently, with a debate stirring over the immutability of the blockchain that underpins the coin.
Cathie Wood’s Ark Invest in a newsletter pointed to technical and other factors that make the so-called reorganization of Ethereum difficult. Wood personally participated in the conference on Wednesday.
Ethereum is due for a much anticipated hard fork next month, which would bring about changes in the coin’s transaction fee model and difficulty time bomb — a move meant to encourage miners to switch from the current Proof of Work to Proof of Stake model.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month