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Ethereum extends gains to fresh record above $3,400

·1 min read

SINGAPORE, May 4 (Reuters) - Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.

Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange, for a session rise of about 17%.

Traders have attributed the gains - which amount to some 365% for the year to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the ethereum blockchain make it more useful.

The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.

(Reporting by Tom Westbrook; Editing by Kim Coghill)