Within the previous 24 hours, an increase of 7% for the price of Ethereum has been noted, simultaneously overachieving Bitcoin. The price for Ethereum reached a new record high as the promising news flooded the mainstream of the European Investment Bank (EIB) issuing digital bonds.
Following the statistics provided by CoinGecko, Ethereum jumped up to a new high of $2,709 on Wednesday. According to reports within the previous 24 hours, a spike of 7% can be seen. Within the past week, the 2nd largest crypto asset of the world by market cap gained a significant 15.7%. The current market capitalization for Ethereum sits at an all-time high of $312 billion.
We can say many factors contributed to launching Ethereum’s price to a new high. According to the news outlet Reuters, the primary reason for the influx of Ethereum price can be, attributed to the positive news regarding the launch of a digital bond by the EIB, which would work by utilizing, the Ethereum network.
Bloomberg’s analysts concurred that the European Investment Bank issued 2-year digital bonds worth €100 million or approximately $121 million will be sold by Banco Santander, Societe Generale and Goldman Sachs.
Societe Generale SFH, a subsidiary of Societe Generale, revealed that it had issued €100 million bonds as a security token on the Ethereum network. Moody’s and Fitch gave it the highest bond credit rating of triple-A.
SFOX’s Danny Kim spoke to Reuters about how the recent development exhibited a bullish institutional use case for Ethereum, further adding to the statement that the Ethereum present on exchange is going down and currently is sitting lowest compared to previous years. Because of less supply, the probability of a significant sell-off is very low.
According to Cointelegraph, the recent revival in Decentralized Finance, linked tokens and protocols, along with a decrease in gas fee, could have driven the price of Ethereum to where it currently sits at $2,709, with a market capitalization of $312 billion. BitinfoCharts conveys that at the moment, the transaction fee on Ethereum’s network is $10.73.
Looking towards the future, the digital asset expert Altcoin Sherpa forecasts that Ethereum would carry on its strong run over Bitcoin in the upcoming weeks, ultimately reaching $3,000.