[Bitcoin Now] Ethereum Surpasses 4 Million Won... Bitcoin Pauses

Price Rose to 4.52 Million Won Intraday
Expressed Intention to Join eBay NFT Market... "Considering Development of NFT Auction Support Platform"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] While the representative cryptocurrency Bitcoin is faltering, Ethereum has surpassed 4 million KRW. The announcement that overseas e-commerce company eBay will enter the non-fungible token (NFT) auction market based on Ethereum acted as a positive factor.

According to the domestic cryptocurrency exchange Upbit, as of 2:40 PM on the 4th, Bitcoin recorded 68.71 million KRW, down 1.79% from the previous day. It had exceeded 70 million KRW the day before but fell slightly.

On the other hand, Ethereum surged. It rose 18.61% the previous day, surpassing 4 million KRW for the first time. It even rose to 4.52 million KRW at 9:26 AM that day. At the same time, Ethereum was recorded at 4.13 million KRW, down 2.15% from the previous day.

The news that eBay decided to participate in the NFT market acted as a favorable factor. NFTs are cryptocurrencies created based on Ethereum. They are known to be suitable for containing the unique value of assets because they are not compatible with other cryptocurrencies. On the 3rd (local time), Jamie Iannone, CEO of eBay, said in an interview with the US economic media CNBC, “NFTs are traded on the existing eBay platform, but it was inconvenient because individuals directly exchanged Bitcoin,” and “We are considering developing a platform that supports cryptocurrency payments and NFT auctions.”

The rise in Ethereum prices has been steady from before. On January 1st, it was in the 800,000 KRW range, and within two days, on January 3rd, it surpassed 1 million KRW. The upward trend continued, surpassing 3 million KRW in three months. The landscape of the cryptocurrency market is also changing. According to the cryptocurrency market status relay site CoinMarketCap, as of 9 AM on the 3rd, Bitcoin accounted for 47.81% and Ethereum 15.44% of the total cryptocurrency market capitalization. On January 4th, Bitcoin’s market cap was 69.71% of the total, and Ethereum’s was 12.83%, showing a difference of more than five times.

This content was produced with the assistance of AI translation services.