Ether (ETH), the second-largest crypto via market capitalization – only behind Bitcoin (BTC), surged this Wednesday to reach a new all-time high of about $2,700 per coin. While many factors can be attributed to the recent massive jump of ETH prices, many point out the joyous news of the European Investment Bank, or EIB, launching an Ethereum “digital bond” sale as the principal reason.
As per the reports, the EIB will be issuing a multi-year 100-million euro, approximately $120.8 million, digital bond set to be led by some of the world’s most prominent banks Banco Santander, Societe Generale, and Goldman Sachs.
SFOX’s head of revenue, Danny Kim, said that this recent news from the EIB resulted in even more institutions batting an eye on the surging crypto. According to him, the amount of ETH currently possessed by exchanges is within its lowest from the past year. The lesser the supply of crypto on available exchanges, the less likely a major sell-off could occur. That is what seemingly attracts institutions the most, says Kim.
On the heels of its most recent significant surge, data aggregator site CompaniesMarketCap.com reports that ETH has now promptly overtaken platinum to become the 33rd most valuable asset in the world. As of press time, ETH’s total market cap sits at about $315.4 billion compared to platinum’s $303 billion. Although still outside the top 30 most valuable assets today, ETH overtaking platinum is still widely considered significant as the latter is identified as this year’s best-performing precious metal.