Bitcoin and Dogecoin have been the flag bearers for cryptocurrency market for better part of 2021 so far. However, there is a third that has silently rallied to a new record. Cryptocurrency Ether has hit a record high of $3,017 on Monday, extending last week’s rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network.
Interestingly, Ether has given more than 300 per cent returns since the start of this year, outpacing the more popular Bitcoin. The latter has grown by 95 per cent in the past four months. Ether rose 2% on the Bitstamp exchange to hit the milestone early in Asia trade. The rise comes after a report that claimed that EIB plans to issue a two-year 100-million euro digital bond.
Ehtereum co-founder Vitalik Buterin had recently contributed towards India’s fight for COVID-19. He had posted a proof of transfer of 100 ETH and 100 MKR, worth around $606,110 (Rs 4.5 crores), for use in COVID-19 relief in India. The technology founder posted a pair of links to EtherScan, an independent platform for sharing blockchain data built for Ethereum. It showed a transaction of 100 MKR (Maker) and 100 ETH (Ether), that hold a combined market value of over $600,000, or over Rs. 4.5 crores.
Ethereum, the open-source blockchain software founded in 2014 and is used to build contracts on the blockchain. It has been in the news a lot because of its use in the making and transferring of non-fungible tokens (NFTs) — digital collectibles that can be uniquely identified and held by individuals. Ethereum has a currency called Ether that is the second biggest cryptocurrency in the world after Bitcoin.
The launch of ether exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price.
Ether isn’t the only crypto to go up over the last two days. Even Bitcoin has seen another surge. It is up 105.9 per cent from the year’s low of $27,734 on January 4. It is down 12 per cent from the year’s high of $64,895.22 on April 14.