As per the exchange platform, ether price scaled to a fresh high of @2799.61 on April 29 and the day earlier it was quoting higher by 1.4 percent at $2706.39. Now, ethereum, second largest crypto is right behind Bitcoin in terms of market cap.
Ethereum Gains 260 Percent In Last 1-Year
Over the last one year period, while ethereum has gained 260 percent, the gain in bitcoin during the period has been just 87 percent. Nonetheless, ethereum is valued far less in comparison to bitcoin at just $53974 as of April 29.
Reason for surge in cryptocurrency Ether
The surge come in the back of European Investment Bank announcement that it had issued 100 million Euros in 2-year notes using the Ethereum blockchain. Also, it gained amid speculation that the digital token is being accepted among mainstream financial entities including Mastercard, JPMorgan and UBS.
Another reason attributed to such a price rise for Ether is the 'rising institutional interest'. Amazon Web Services and Microsoft Azure are also using the Ethereum platform, reports said.