Ether (ETH) prices climbed to full-time highs on Wednesday amid positive news from the European Investment Bank.
Ethereum rose to $ 2,709 in early Asian trading on Wednesday, according to CoinGecko, marking a new peak in the asset’s price.
The cryptocurrency provider reported growth of 7% in the last 24 hours and 15.7% in the last seven days for the world’s second largest digital asset by market value. Moved the pressure Ethereum’s market value to a record $ 312 billion.
While there is a combination of factors affecting the price of ether, Reuters today attributed this to the news that the European Investment Bank is launching a “digital bond sale” using the Ethereum network.
The European Investment Bank will issue 100 million euros ($ 120.8 million) in digital bonds for two years, and Goldman Sachs, Banco Santander and Societe Generale will handle the sale, according to analysts at Bloomberg.
Societe Generale announced on Friday that its subsidiary Societe Generale SFH has issued a € 100 million security token on Ethereum’s public blockchain. It has the highest Triple A rating from Moody’s and Fitch.
Danny Kim, head of revenue at cryptocurrency broker SFOX, told Reuters that the news showed an optimistic institutional use case for Ethereum, adding that the currency balance is also shrinking, further strengthening the optimistic outlook:
The number of Ethereum on stock exchanges continues to decline and was the lowest in the last year. With less offers on the stock exchange, the probability of a larger sale is reduced.
A resurgence of DeFi-related protocols and codes, along with lower gasoline prices, could also accelerate, reports Cointelegraph. According to BitInfoCharts, the average online transaction price at the time of writing has dropped to $ 10.73.
Meanwhile, the famous cryptanalyst Altcoin Sherpa predicted that ETH will continue to surpass Bitcoin (BTC) over the next few weeks, targeting $ 3,000.