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Ether, the world's second largest cryptocurrency, surged above the $2000 milestone to a new record high of $2,036 (N973, 208).
The new milestone was reached just a few hours after Binance, the largest exchange by volumes globally, temporarily suspended Ethereum trades due to demand that caused congestion on the exchange.
"ETH hitting $2000 validates that scalability, applications around DeFi and NFTs are hitting hockey stick growth, and it is proving itself to be the leader in creating decentralized applications," said Paul Veradittakit, a partner at crypto VC firm Pantera Capital.
Ether has gained 175 percent year-to-date, much higher than Bitcoin's 91 percent gain, reaching a market cap of over $229 billion