Ethereum reached a record high price on Wednesday following the news of the European Bank’s investment of $121M in digital bonds sale using the Ethereum Network.
The issuance of bonds will be carried by Goldman Sachs, Banco Santander, and Societe Generale. The public Ethereum network will back the security bonds. This step proved to cause a big leap in ethereum’s price.
Ethereum is the second biggest cryptocurrency after bitcoin. The word ethereum and ether is interchangeably used. Ether is the currency or digital token which is used on the ethereum blockchain. the price of ether has increased 7% over the past 24 hours. At the time of this writing, Ether is trading at $2,716.
Ether has been on the rise since the start of 2021, along with the parent cryptocurrency bitcoin. It has broken the price records multiple times in the past 4 months. However, the special thing about the current price surge is that ETH is rising despite the bitcoin market going down. BTC is trading at $54K at the moment, which is significantly lower than last week’s coin value.
Institutional Use of Ethereum:
Institutional adoption of cryptocurrencies is on the rise in the corporate and financial sectors. Companies are investing more and more into bitcoin and other currencies. Likewise, the financial services providers are exploring the domains of digital assets.
The current decision of EIB demonstrates the institutional adoption of Ethereum. The financial industry is bullish on ether as a result of which the currency is gaining value.
Ethereum blockchain is also used for transactions of NFTs. Individuals are using ether to buy digital art on NFT market places.
The higher investments in Ether suggest that the price of this asset will likely grow in the coming weeks. Crypto analysts are positive that ETH will easily surpass $3,000 in this year.