The strong rally in Ethereum over the past few days has lit a fire in the Grayscale Ethereum Trust (OTCMKTS:ETHE) stock as well and this morning, the stock soared by 14% as ETH continued to rally strongly.
The underlying asset in the Grayscale Ethereum Trust is Ethereum and allows investors to stay invested in the cryptocurrency without actually owning it. A solitary stock of the trust makes up around 1% of the value of Ethereum and hence, as of today, the value of each share stands at $33 when backed up by the underlying asset.
It might be easy to see why the ETHE stock is rising, but it might be a bit more complex to understand the reasons behind the rise in Ethereum. Unlike Bitcoin, which is regarded as a store of value, the Ethereum blockchain is primarily meant for developing applications. Recently, the blockchain has also been used to created non-fungible tokens or NFTs, which have also grown in popularity.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.