Ether Breaks To New Record High Above $3k

Ethereum's native cryptocurrency ether surged past $3,000 for the first time on Monday to reach a new record high.

Investors are becoming increasingly confident of the utility crypto's place in a decentralised future financial system, as ether broke several new highs last week.

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Ether was up 5.56 percent to a new record high of $3,078 on Coindesk as of report time, making the second largest cryptocurrency up 312 percent year-to-date — towering above bitcoin's 98 percent as ethereum's demand continues to rise.

The total market capitalization for decentralization finance (DeFi), recently hit above $100 billion, with some of the most popular DeFi projects being built on the Ethereum blockchain. The launch of ether exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price.

Bitcoin on the other hand spiked past $58,000 to reclaim its previous day's losses after Berkshire Hathaway Vice President Charlie Munger's negative comments on bitcoin seems to have spurred confidence rather than panic in the flagship cryptocurrency.