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Ether (ETH) has set a new record as it traded above $2,700 after rallying for the past days. The development came as its bigger peer, Bitcoin (BTC), continued to recover after the recent massive correction.
Ether just posted a new all-time high as it briefly traded at $2,724 on Wednesday based on data from Coinmarketcap. At the time of writing, the price of ETH, the native crypto of the Ethereum blockchain, slightly retracted to around $2,704.
The crypto’s new all-time high came after four straight daily gains that totaled to around 19 percent extending its impressive rally this year, according to Coindesk. Ether’s price has already tripled this year along with increasing interest in blockchain applications such as non-fungible tokens (NFT) and decentralized finance (DeFi).
“Ether has picked up its head, and looks poised for a few more days of outperformance,” Katie Stockton, a technical analyst for the consulting firm Fairlead Strategies, said.
One of the factors that might have helped propel Ether’s price is the recent announcement by the European Investment Bank, according to Cointelegraph. The EIB announced that it will be issuing a two-year digital bond worth 100 million euros on the Ethereum network. The sale will be led by Goldman Sachs, Banco Santander, and Societe Generale.
Danny Kim, head of revenue at crypto broker SFOX, said that the development is indicative of the bullish institutional use case for Ethereum. On Friday, the Societe Generale SFH also issued a 100-million-euro bond on the Ethereum blockchain.
“The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year,” Kim explained. “With less supply on exchange available, there’s less likely a chance of a major sell-off.”
Meanwhile, Bitcoin (BTC) is also recovering from its recent correction, which saw the coin drop from its all-time high above $64,000 to around $47,500. At the time of writing, the crypto traded at $54,409 based on Coinmarketcap data.
“A test of the $56,000 mark will soon follow, then will most likely roll back,” Wave Financial partner Constantine Kogan, according to Coindesk.
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