Ether, the native cryptocurrency of the Ethereum network, pierced a new all-time high on Thursday, bringing its year-to-date rally to 128%. Continuing bullish momentum led the token's price to hit a record high of $1,698.56, before settling around 2% lower. Although the trade seems to be partly fueled by speculation, a major factor driving demand is the Chicago Mercantile Exchange's launch of Ethereum futures on February 8. Ethereum's upward trajectory may be representative of the "fortunes of the entire cryptocurrency ecosystem," said Paolo Ardoino, CTO of Bitfinex. One macroeconomist expects the price to surge higher, to around $1,920, ahead of the CME launch. Rising confidence among institutional investors over blockchain-based technologies has also helped Ethereum's influence grow within the sphere of cryptocurrencies. Euphoria in the hot asset class boosted the total market value of cryptocurrencies above $1 trillion for the first time last month. Grayscale Investments, the world's largest cryptocurrency fund manager, this week added an extra 25,000 ETH coins, bringing its total Ethereum holdings to $4.5 billion. The fund also reopened its Ethereum fund to accredited investors.