Cryptocurrency Ethereum hit a record high on Thursday, lifted by growing institutional interest in the space, and more than a week after its futures were launched on the Chicago Mercantile exchange.

The second largest cryptocurrency , in terms of market capitalisation, reached an all-time peak of $1,938 and was last up 4.6% at $1,936.94.

Increase in institutional participation in cryptocurrencies also propelled Ethereum’s rival and the largest crypto asset Bitcoin to an all-time peak of $53,640 on Wednesday.

“Ethereum is really undervalued, and I believe it has been … due to its more complex narrative,” said co-founder of Aragon Luis Cuende, a decentralised application on the ethereum blockchain.