Cryptocurrencies hit a multiweek high over the weekend following reports suggesting that Amazon.com Inc AMZN plans to accept Bitcoin BTC/USD by the end of 2021.
Co-host Joe Kernen recently bought Ethereum ETH/USD when the price fell to $1,850, he said Monday on CNBC's "Squawk Box."
Kernen said he plans to hold his Ethereum and pay attention to the price action. The recent bounce in the price of Bitcoin happened so quickly that it looked like short sellers could be covering short positions, he said.
Co-host Andrew Ross Sorkin said the benefit of Ethereum over Bitcoin is the ability to purchase non-fungible tokens on the Ethereum network. Sorkin noted that he has become pretty interested in the NFT space.
"I don't have my eye on any NFTs yet," Kernen said. Kernen joins Jim Cramer in choosing to buy Ethereum over Bitcoin.
Related Link: Why Jim Cramer Likes Ethereum Over Bitcoin
Price Action: Bitcoin is up 32.71% year-to-date. Ethereum is up 217.06% year-to-date.
At last check Monday, Bitcoin was up 12.12% at $38,658 and Ethereum was up 8.60% at $2,343.32.
Photo by WorldSpectrum from Pixabay.
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