Ether Hit a New All-Time High of $2,735
The price of Ether (ETH) hit a new historical high of $2,735, as per data provided by CoinGecko.com, earlier today on news that the European Investment Bank is coming up with the sale of a “digital bond” utilizing the Ethereum blockchain network. Ether (ETH) continues to trade near the all-time high recorded in the Asian session, reflecting another round of price rally.
CoinGecko.com shows a gain of 7% in the last 24 hours and 15.7% in the last seven days for the second largest cryptocurrency by market capitalization. The latest rally has increased the ETH market capitalization to a historical high of $312 billion.
Even though there are several factors that are leading to another price rally, Reuters today has specifically highlighted the decision of the European Investment Bank in rolling out a “digital bond” sale utilizing the Ethereum network.
Specifically, the EIB is selling a two-year €100 million ($120.80 million) digital bond, and the sale is led by Banco Santander, Goldman Sachs, and Societe Generale, as per analysts at Bloomberg.
Last Friday, Societe Generale revealed that its subsidiary, Societe Generale SFH, had sold a €100 million bond in the form of a security token via the public Ethereum blockchain. The tokenized bond has been awarded with the top triple-A rating by Moody’s and Fitch.
European Investment Bank is issuing 2 year digital bonds on Ethereum through Goldman, Santander, and Societe.
— Michael Tant (@MichaelTant3) April 27, 2021
Danny Kim, chief of revenue at cryptocurrency broker SFOX, informed Reuters that the news has evidenced another institutional usage for Ethereum, further stating that exchange balances are also declining, which is yet another reason for bullish scenario:
“The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year. With less supply on exchange available, there’s less likely a chance of a major sell-off.”
sure, the base effect means you can (and should) keep playing the ponzi games on centralized chains, sidechains, yield farming, whatever….
Just make sure to denominate in ETH.
— Sisyphus (@0xSisyphus) April 27, 2021
Resurgence in Defi-linked covenants and tokens, associated with a drop in gas prices, could also be increasing momentum. While writing this article, the gas fee for confirming a transaction on the Ethereum network had declined to $10.73, as per BitInfoCharts.
$ETH: Still think this 1 outperforms BTC in the coming weeks, $3000+ is inevitable. Waiting for the BTC bottom to form (wherever that is) and then take off. #Ethereum $ETHUSD pic.twitter.com/wdFUG0Nkui
— Altcoin Sherpa (@AltcoinSherpa) April 28, 2021
Sherpa, one of the renowned cryptocurrency analyst, is predicting that Ether would eclipse Bitcoin (BTC) in the weeks ahead and hit $3,000.