Ethereum breaks past US$3,000 to quadruple in value in 2021

FILE PHOTO: A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration

LONDON: Cryptocurrency ether broke past $3,000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin, with investors betting that ether will be of ever greater use in a decentralised future financial system.

Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,144.81 in morning deals in London. It is up 325% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.