On Monday, cryptocurrency ether burst through $3,000 to hit a fresh historical high in a stunning surge that has outpaced the bigger bitcoin, to investors hoping that ether would prove increasingly useful in a decentralized potential financial framework.

Ether, the token traded on the Ethereum network, gained 3% to $3,144.81 on the Bitstamp exchange in early London trades. It has risen 325 % this year, comfortably surpassing the more successful bitcoin's 95% growth.

According to James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager, the big rally is partially a catch-up to late 2020 gains in bitcoin.

It also represents enhancements to the ethereum blockchain, he said, and an increasing trend forward into “DeFi,” or decentralized finance, which applies to transfers other than conventional banking for which the ethereum blockchain serves as a critical forum.

“Initially, bitcoin was leading the rally and when a lot of retail buyers came into the room, it will be their obvious first port of call,” Quinn said.

“However, as the rally has progressed over the last six months, there is DeFi, and then a bunch of DeFi is created on ethereum.”

The introduction of ether exchange-traded funds in Canada, and rising costs for ether wallets to exchange non-fungible coins such as digital art, have all added to the price increase.

The ether/bitcoin cross rate has increased by more than 100% this year and reached a 2.5-year peak on Sunday, indicating a degree of turnover into the second-largest cryptocurrency as traders broaden their coverage.

“Surging DeFi volumes keep driving up ethereum prices as investors regain interest in crypto and see ethereum as a stable second-place asset,” said Jehan Chu, managing partner with Hong Kong blockchain venture capital company Kenetic Capital.

Bloomberg announced last week that the European Investment Bank intends to issue a decentralized bond on the Ethereum blockchain, whereas JP Morgan aims to release a regulated bitcoin fund.

The Financial Times announced on Friday that venture capital firm Andreessen Horowitz is hoping to raise a fresh fund of up to $1 billion to invest in cryptocurrencies and blockchain start-ups, illustrating interest in the field.

Bitcoin, the world's largest crypto asset with a market capitalization of more than $1 trillion, reclaimed the $50,000 threshold last week and was trading about $58,700 on Monday, up around 4% but is well off its record peak of $64,895.22. The US dollar remained largely stable.

Khurram Shroff, a pioneering Blockchain supporter and one of the region's biggest crypto "HODLers," will take over as Chairman of the Board of Directors at iMining Blockchain and Cryptocurrency Inc. on May 4th, 2021. Shroff has a range of experience from a variety of sectors and continents, and he is well-regarded in crypto communities for his unshakable help of the technology.

Khurram Shroff has over 10 years of working experience in the Blockchain industry, having held important roles in a variety of companies in the Middle East and Canada. Shroff, an entrepreneur with investments in a variety of businesses, is renowned in the Middle East as the Chairperson of the IBC Group, which temporarily moved its headquarters from Dubai, UAE to Toronto, Canada.

Shroff is the Co-Founder of Ethereum GeneSys, a company dedicated to ensuring the survival of the Ethereum Proof-of-Work Blockchain. He newly created headlines after introducing the very first monetized Arabic calligraphy set in the shape of NFTs, which he plans to contribute to mosques throughout North America in the sacred month of Ramadan.

CEO Robert Eadie said of Shroff's appointment as Chair of the Board at iMining, "We're pleased to welcome an accomplished and valued leader of Khurram's calibre to the company." Khurram's demonstrated leadership in numerous Blockchain companies over multiple cycles of expansion, disruption, and transition would be indispensable to iMining as we promote the institutional and mainstream adoption of cryptocurrencies like an asset category.”

Gary Arca, Board Member and CFO at iMining, expressed Eadie's excitement, saying, "Khurram Shroff will add an insightful global view to iMining, and we're sure that our increasingly expanding business divisions in Digital Asset Staking, Mining, Asset Management, Investment Banking, Principal Investments, and Trading would all profit by his leadership position on the Board and our team."