Ether hit an all-time high Thursday as bitcoin’s dominance of the cryptocurrency market declined. The world’s second-largest digital currency by market value surged to a new record of $2,800 on Thursday morning, according to information from Coin Metrics.
The move comes after the European Investment Bank declared Wednesday that it had issued its first-ever digital bond on the Ethereum blockchain, ether’s underlying network. This is led to speculation that the currency is picking up traction among mainstream financial institutions.
Most major cryptocurrencies were trading higher Thursday, boosted by ether’s rise. It has still had a dazzling rally, though, climbing nearly 90 percent so far this year, on the back of increased interest from institutional investors and corporate buyers like Tesla.
The first time bitcoin’s share of the market sank below that level was in 2017 before a gigantic slump in crypto prices now referred to as a “crypto winter.” But bitcoin bulls contend things are different this time, as the rally is being driven by institutional demand instead of retail investors.
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