Ethereum on a high after European Investment Bank’s $121M digital bond news
ETH prices have cranked 7% over the past 24 hours, outperforming big brother. Ether (ETH) prices skyrocketed to a new all-time high on Wednesday on the back of positive news from the European Investment Bank. Ether has climbed to $2,709 early during trading in Asia on Wednesday, marking a new peak price for the asset, according to CoinGecko.
The crypto metrics provider reports a gain of 7% over the past 24 hours, and 15.7% over the past seven days for the world’s second-largest digital asset by market capitalization. The move has pushed the ETH market cap to a record $312 billion.
While there are a range of factors propelling Ether’s price, Reuters today attributed it to the news that the European Investment Bank is launching a “digital bond” sale using the Ethereum network. The EIB is issuing a two-year 100-million-euro ($120.8 million) digital bond, with the sale to be led by Goldman Sachs, Banco Santander and Societe Generale, according to analysts at Bloomberg. On Friday, Societe Generale announced that its subsidiary, Societe Generale SFH, had issued a 100-million-euro bond as a security token on the public Ethereum blockchain. It was awarded the top triple-A rating by Moody’s and Fitch.
Danny Kim, head of revenue at crypto broker SFOX, told Reuters that the news has demonstrated a bullish institutional use case for Ethereum, adding that exchange balances are also decreasing, which adds m to the bull case: “The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year. With less supply on exchange available, there’s less likely a chance of a major sell-off.”
As reported by Cointelegraph, a revival in DeFi-related protocols and tokens, coupled with a fall in gas prices, could also be driving momentum. At the time of writing, the average transaction price on the network had fallen to $10.73, according to BitInfoCharts. Popular crypto analyst Altcoin Sherpa, meanwhile, predicted that ETH would continue to outperform Bitcoin (BTC) in the coming weeks, targeting a price of $3,000.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 87.2% | 23 | $64 837.84 | 1.21% | 2.14% | $1 276 667 564 847 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72.4% | 51 | $3 174.86 | 1.45% | 3.51% | $387 485 564 544 |  |
|
| 3 |  USDT |
Tether predictions | 94% | 1 | $0.999855 | 0.06% | -0.07% | $110 447 532 693 |  |
|
| 4 |  BNB |
Binance Coin predictions | 85.2% | 20 | $616.92 | 1.30% | 12.17% | $91 050 425 745 |  |
|
| 5 |  SOL |
Solana predictions | 63.2% | 71 | $147.40 | -1.03% | 5.06% | $65 893 071 142 |  |
|
| 6 |  USDC |
USD Coin predictions | 90.8% | 2 | $1.000092 | 0% | 0% | $33 248 320 251 |  |
|
| 7 |  XRP |
XRP predictions | 68.8% | 62 | $0.530614 | -0.21% | 5.70% | $29 252 294 419 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 68% | 60 | $0.153019 | 0.23% | 1.26% | $22 039 903 315 |  |
|
| 9 |  TON |
Toncoin predictions | 69.6% | 66 | $5.51 | -0.96% | -15.70% | $19 140 730 708 |  |
|
| 10 |  ADA |
Cardano predictions | 66% | 72 | $0.475569 | -0.48% | 4.39% | $16 946 387 500 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 61.2% | 82 | $0.000026 | 1.40% | 15.15% | $15 461 237 537 |  |
|
| 12 |  AVAX |
Avalanche predictions | 66% | 68 | $35.96 | -2.25% | 2.96% | $13 600 508 101 |  |
|
| 13 |  TRX |
TRON predictions | 86% | 21 | $0.117297 | 3.22% | 7.59% | $10 271 669 223 |  |
|
| 14 |  STETH |
Lido stETH predictions | 91.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 85.2% | 19 | $0.116953 | 2.88% | 7.58% | $10 241 543 166 |  |
