The value of ETH has appreciated by more than 7% within the last 24 hours, making it look better than Bitcoin as an investment tool.
The price of Ethereum reached a new height for the first time ever on April 28 after the European Investment Bank made an important announcement.
The price of Ethereum reached $2,709 for the first time during Asia’s trading session on April 28. Coingecko says this is the best performance ever from Ethereum.
According to Coingecko, ETH has gained 7% in 24 hours, and 15.7% in one week. This new achievement of ETH drove its market capitalization to $312 billion.
Although there are many reasons for ETH’s rally, Reuters says this recent achievement is due to the announcement from the European Investment Bank (EIB) as it declares its intention to start a digital bond that is based on the Ethereum network.
The bank is giving out digital bonds worth 100 million Euro (or $120.8) for two years and has placed Goldman Sachs, Societe Generale, and Banco Santander to promote the sales.
Just within the week, Societe Generale SFH, an offshoot of Societe Generale, gave out bonds based on the Ethereum network worth 100 million Euro as security tokens. Moody’s and Fitch congratulated them with the top triple-A rating.
Danny Kim of SFOX crypto brokerage company reported to Reuters that more ETHs have been sold since the news was given:
The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year. With less supply on exchange available, there’s less likely a chance of a major sell-off.
In addition, Ethereum may be doing so well now because most investos are now interested in DeFi tokens and apart from that, the fees paid for gas has significantly reduced. Right now, mining ETH now costs about $10.73.
A well-known crypto lover called ‘Altcoin Sherpa’ has said that ETH will still do better than BTC in the nearest future and he predicts that it will soon get to $3,000.
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