3 reasons why ethereum is breaking out to new all-time highs, according to Ark Invest

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Ether, the digital cryptocurrency tied to the ethereum network, soared as much as 5% to new records on Monday, hitting a high of $3,203.

The digital currency, which is often used for transactions in the digital market place for NFTs, now has a total market capitalization of $366 billion, according to data from CoinMarketCap. Bitcoin’s total value currently sits at $1.07 trillion.

The gains in ether have outpaced the gains in bitcoin year-to-date. Ether is up more than 300%, where as bitcoin is up about 95% based off of Monday afternoon prices.

These are the three reasons why ether continues to break higher, according to a Monday note from Ark Invest analyst Frank Downing.

1.

“Increased institutional interest.”

Downing points out that four ether ETFs have launched on the Toronto Stock Exchange over the past two weeks, “making it easy for institutions to gain access as demand for crypto exposure broadens beyond bitcoin,” the note said.

“In addition, institutions and companies like European Investment Bank and...read more...