Tue. 4 May 2021, 3:39pm ETBenzinga
In: Cryptocurrency, Markets

The rise in Ethereum (CRYPTO: ETH) is backed by real usage, Slow Ventures' Jill Carlson said Tuesday on CNBC's "Squawk On The Street."

The use case for Ethereum is growing and the price of the cryptocurrency is rising with it as more and more NFTs are exchanged, Carlson said.

"NFT" stands for non-fungible token. A non-fungible token is a unit of data stored on a blockchain, which certifies that a digital asset is unique. Most NFTs are stored on the Ethereum blockchain.

NFTs changed hands one billion times in the first quarter alone, Carlson told CNBC. Decentralized finance is already here, she added.

Related Link: Ethereum Now Worth More Than Bank Of America

Price Action: Ether, the digital coin linked to the Ethereum blockchain, reached an all-time high of $3,519.90 on Tuesday morning; at publication in the afternoon, it is at $3,383.37.

The cryptocurrency is up 59.43% over a one-month period, 123.14% over a three-month period and 357.84% year-to-date.

(Image by WorldSpectrum from Pixabay)