This morning, LOUDLABS reported that the ethereum (ETH) price hit a new all-time high (ATH) last night just above $ 2,700.
The ether price had risen by about 7% in the last 23 hours, by about 16% in the last week and even almost 60% in the last month. This means that the largest altcoin on the market is currently outperforming bitcoin (BTC, despite the prices showing a high degree of correlation earlier this year.
There may be several causes behind the most recent increase. For example, we have seen decentralized finance (DeFi) tokens as well as non-fungible tokens (NFTs performing well again in recent days, most of which are on Ethereum.
In addition, the European Investment Bank (EIB) plans to issue a “digital bond” on the Ethereum network. Bloomberg reports this based on anonymous sources. The EIB is reportedly going to issue a two-year digital bond worth no less than 100 million euros in collaboration with banks Goldman Sachs, Banco Santander and Société Générale.
The news is therefore seen in the market as very bullish. Danny Kim of SFOX reports to Reuters that this may be a trigger for institutions to use Ethereum, adding the following:
“The amount of Ethereum on exchanges continues to fall and is the lowest in the past year. Because there is less supply available at trade fairs, the chance of a big sale is smaller. ”
Despite this, the ether immediately corrected down again once it briefly moved above USD 2,700. The share price lost more than $ 1,000 in a few hours. At the time of writing, ether is breaking through again through $ 2,600 and the market cap is back above $ 300 billion.