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What's Up With Ethereum Today?

July 22, 2021 1:13 am
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What's Up With Ethereum Today?

Ethereum (CRYPTO: ETH) 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 (CRYPTO: BTC) over 24 hours.

On Wednesday, Tesla Inc (NASDAQ: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.

See Also: Jack Dorsey Tells Elon Musk: Bitcoin Has 'Irreverence' Factor Going For It Just As Much As Dogecoin

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.

Read Next: Why Nvidia Stock Dropping Lower Isn't All About The Split — Look Toward Ethereum, Dogecoin

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