Ethereum hit a new all-time high Thursday as bitcoin’s dominance of the cryptocurrency market declined following its recent bull run.
Ethereum, the world’s second-largest digital currency by market cap, jumped to a fresh record of $2,800 on Thursday morning. Earlier this month, Nick Spanos, co-founder of decentralized network Zap.org, predicated that Ethereum would reach $3,000 by the end of April.
Meanwhile, Bitcoin, the top digital coin, was slightly down at a price of around the $54,450 mark. The move comes after the European Investment Bank announced the prior day that it had issued its first ever digital bond on the Ethereum blockchain, ether’s underlying network – and this led to speculation that the currency is gaining traction among mainstream financial institutions.
Most major cryptocurrencies were trading higher on Thursday, buoyed by ether’s rise. Bitcoin, the most valuable digital coin, is down about 16% from its all-time high of almost $65,000 earlier this month. It has still had a stunning rally, surging almost 90% so far this year, on the back of increased interest from institutional investors and corporate buyers like Tesla.
Many other “altcoins” have also rallied this year. This led to bitcoin’s dominance of the crypto market falling below 50% last week for the first time since August 2018, according to CoinMarketCap.