Ethereum breaks past US$3,000

Ethereum breaks past US$3,000

A representation of virtual currency Ethereum are seen in front of a stock graph in this illustrati
A representation of virtual currency Ether is seen in this illustration. (Photo: Reuters)

SINGAPORE: Cryptocurrency Ether hit a record high of US$3,017 on Monday (May 3), extending last week's rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the Ethereum blockchain network.

Ether rose 2 per cent on the Bitstamp exchange to hit the milestone early in Asia trade. It is up more than 300 per cent for the year so far, outpacing a 95 per cent rise in the more popular Bitcoin.

READ: Ethereum jumps to record high on report of EIB digital bond issuance

Ether is the digital currency or token that facilitates transactions on the Ethereum blockchain and it is the second-largest cryptocurrency by market cap behind Bitcoin.

Bloomberg reported last Tuesday, citing unnamed sources, that the EIB plans to issue a two-year €100 million digital bond.

Bitcoin hovered at around US$58,000 on Monday.

Source: Reuters/kg