Ethereum, the second largest cryptocurrency in terms of market capitalization and volume, hit a record high on Thursday, lifted by growing institutional interest in the space, and more than a week after its futures were launched on the Chicago Mercantile Exchange.
The virtual currency reached an all-time peak of $1,938 and was last up 4.6% at $1,936.94.
The CME last week launched futures on ether, the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.
Increasing institutional participation in cryptocurrencies also propelled bitcoin, the largest and most popular crypto asset, to an all-time peak of $52,640 on Wednesday.
“Ethereum is really undervalued, and I believe it has been ... due to its more complex narrative,” said Luis Cuende, co-founder of Aragon, a decentralized application on the ethereum blockchain.
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