• The second-largest digital currency rose to $1,500 Tuesday
  • Institutional interest in the digital asset has surged in recent months alongside bitcoin’s rally

Ethereum extended its rally and rose 12 percent Tuesday, setting a new price record of $1,500.63. 

The second-largest digital asset is up more than 90 percent year-to-date. The previous price record of $1,473 was set last week. Ethereum, which has tended to follow surges in Bitcoin, has remained remarkably steady in recent weeks as the largest crypto asset sold off from its high of over $41,000 earlier this month.

The rally comes amid recent Reddit-induced market volatility, which has many looking toward decentralized-finance solutions.

Investor interest in ethereum has been on the rise recently with near $20 million inflow into the digital asset last week. Grayscale’s Ethereum Trust (Ticker ETHE) is once again open after closing last December, the firm announced Monday.

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    Casey Wagner is a New York-based business journalist covering digital assets and macro economics. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies.