- The price of Ethereum (ETH) increased by over 14% this past week. This is why it happened.
The price of Ethereum (ETH) went from $2,301.96 as of 5 AM on April 21 to $2,611.43 as of 5:55 AM ET today. Ethereum – which is the second-largest cryptocurrency based on market capitalization – hit a new peak today.
Some of the catalysts that drove up the price include trader enthusiasm for blockchain applications such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
Plus investors also seem to be responding to reports about the European Investment Bank’s plans to launch a digital bond sale on the Ethereum blockchain network. The European Investment Bank had sold 100 million euros (about $121 million) of two-year notes in the inaugural sale of the digital bonds.
The notes have a 0% coupon, according to Bloomberg’s sources. The sale of the notes was reportedly managed by Goldman Sachs Group Inc., Banco Santander SA, and Societe Generale AG.
Earlier this week, digital currencies also saw an uptick following reports that JPMorgan was planning to launch a managed bitcoin fund.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.