The price of the second leading cryptocurrency, Ethereum [ETH] rose earlier from Tuesday to a record high price above $2,700 USD after a strong 3-day rally.
The price of Ether, the native cryptocurrency of the Ethereum blockchain, climbed to as high as $2,718 USD around 1:00 coordinated GMT [9 p.m. ET], as per coinmarketcap data. At the reporting time, ether is presently trading at a price of around $2,712 USD, which is up 5.58% within the past 24 hours.
The new high came after three straight daily gains totaling 19%. The move extended the cryptocurrency’s stunning rally this year: it’s tripled already in 2021, amid trader enthusiasm overgrowth in blockchain applications like decentralized finance [DeFi] and non-fungible tokens. Bitcoin [BTC], by comparison, is up 89% this year.
“Ether has picked up its head, and appears poised for a couple of more days of outperformance,” added Katie Stockton, a technical analyst for the renowned consulting firm Fairlead Strategies.