Digital coin ether hits record high as 2021 gains near 500%

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

LONDON/NEW YORK (Reuters) - Cryptocurrency ether hit another record high on Wednesday, taking gains this year to close to 500% on the back of growing interest in decentralized finance applications and increasing institutional interest in cryptocurrencies.

Ether, the second-biggest cryptocurrency by market capitalization after bitcoin, climbed to $4,380.64.35, but was last down 4.1% at $4,029. Bitcoin was also down more than 4% at $54,188.