Bitcoin is struggling to sustain above the $53,000 support for the past 3 days. As the king cryptocurrency price slumped, Ethereum picked up its pace, surging to a new all-time high of $2,800.
Ethereum Appears Unstoppable
It appears that the European Investment Bank’s launch of a “digital bond” sale using the Ethereum network, has boosted Ethereum’s price. The EIB is issuing a two-year digital bond worth 100 million euros ($120.8 million), led by Goldman Sachs, Santander, and Societe Generale.
Furthermore, JP Morgan published a research note last week claiming that due to improved liquidity and increased network activity, Ether should continue to outperform Bitcoin.
According to fixed-income analyst Joshua Younger:
“Bitcoin is more of a crypto commodity than currency and competes with gold as a store of value, whereas Ether is the backbone of the crypto-native economy and therefore functions more as a medium of exchange. To the extent owning a share of this potential activity is more valuable.”