Cryptos: Ethereum rally continues, with price topping $3,000 for first time

United States

Ethereum, the word’s second-largest cryptocurrency by market cap, topped $ 3,000 for the first time Sunday.

As of Sunday night, ethereum ETHUSD, +5.15% was at an all-time high of $ 3,035. Just a year ago, it traded for about $ 208 — an increase of 1,359%, according to data from Kraken. This year alone, ethereum is up 310%. Its price has surged 25% in the past seven days, and the digital asset now has a market cap of about $ 350 billion, according to CoinMarketCap.com.

Ethereum’s meteoric rise has outpaced that of even bitcoin BTCUSD, +1.80%, which has shot 551% higher over the past year, and is up 100% in 2021 — most recently around $ 58,000.

Its recent rally comes after the European Investment Bank last week announced that it had issued 100 million euros in two-year notes, using the ethereum blockchain for the first time.