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Cryptos: Digital currency ether hits all-time high as bitcoin dominance fades

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Ether, the world’s second-most popular digital currency, continued its push into record territory Thursday.

Ether
ETHUSD,
+0.43%
,
which runs atop the ethereum blockchain, traded at an all-time high of $2,799.61 early Thursday morning, according to Kraken. It remains up 0.8% at $2,730.49.

Rising institutional interest remains a key driver for ether and other cryptocurrencies, analysts said. The European Investment Bank earlier this week announced that it had issued 100 million euros in 2-year notes, using the ethereum blockchain for the first time.

Ethereum has “enormous momentum” because of institutional interest, said Naeem Aslam, chief market analyst at AvaTrade. One example is the launch of the institutionally oriented CL Galaxy Ethereum ETF
ETHXB,
-0.48%

in Canada, he said.

That’s one of three ether-focused ETFs to debut on the Toronto Stock Exchange, including Purpose Investments’ Purpose Ether ETF
ETHH,
-0.40%

CA:ETHH
and Evolve ETFs Evolve Ether ETF
ETHR,
-0.73%
.

Meanwhile, the world’s top digital asset, bitcoin
BTCUSD,
-2.95%
,
continues to recover from a plunge earlier this month that took it below $50,000 and more than 20% off its all-time high above $60,000. Bitcoin was trading near $52,774, down 3.1% on Thursday, according to CoinDesk.

Meanwhile, bitcoin’s share of the global crypto market cap has fallen relative to ether. CoinMarkeCap on Thursday put bitcoin’s market cap — the value of all circulating tokens at $987.5 billion, slipping below 50% to make up around 48.6% of the global crypto market cap, which stands at $2.03 trillion. Ether’s market cap of $314.2 billion makes up around 15.5% of the global cap.

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