The price of ether has hit a new all-time high, exceeding $60 for the first time ever.

Prices reached as high as $60.15 during morning trading, according to CoinDesk’s Ethereum Price Chart. Ether is the cryptocurrency that underlies the ethereum blockchain network.

As previously reported, prices have hovered above the $40 level since 22nd March, bouyed by what analysts say is a mix of positive sentiment and rising market liquidity. At press time, the price of ether is averaging about $59.

The price move comes days after the SEC disclosed that it has initiated the approval process for a proposed ether exchange-traded fund (ETF). The bid to launch the EtherIndex Ether Trust (the first proposed product of its kind) began in July 2016.

The bulk of the past day’s trading has taken place on digital currency exchange Poloniex, according to figures from CoinMarketCap, accounting for roughly $59m of the $202m in 24-hour volume reported by the site.

Hot air balloon image via Shutterstock; Graph via CoinMarketCap