Ether Rises to $ 4,600 to Record High Bitcoin Tracks

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SINGAPORE (Reuters) – Ether, the world’s second largest cryptocurrency, hit an all-time high on Wednesday, catching up with the Bitcoin rally and benefiting from news of wider blockchain adoption.

The ether token, which underpins the ethereum blockchain network, hit $ 4,643 in Asian hours, topping the previous day’s $ 4,600 and bringing the week’s earnings to over 10%.

Since bitcoin, the world’s largest cryptocurrency, hit its record high of $ 67,016.5 on October 20, other tokens on the base layer of blockchain networks, known as layer 1 networks , have grown.

Bitcoin (BTC) was trading around $ 63,078 and has risen around 117% this year, while ether has increased six-fold.

“Since the market reversal in late September, the strength of the aether has grown at the same rate as BTC and other majors,” said Ryan Rabaglia, Managing Director and Global Head of Trading at the Digital Asset Platform OSL.

“Ethereum has been the clear winner of Layer 1 for what we believe to be a substantial shift in a potentially prolonged improvement in market sentiment. Ethereum will also continue to play a major role in building the NFT and metaverse ecosystem,” did he declare. .

The constant flow of information about the adoption of cryptocurrency by banks, the growth of non-fungible tokens on virtual gaming platforms, the launch of US ETFs based on bitcoin futures and the need for Investor diversification in an uncertain interest rate environment have pushed several blockchain tokens, notably bitcoin and ether, up since October.

There has also been growing interest in smaller tokens after Facebook Inc rebranded itself as Meta to focus on building the “metaverse,” a shared virtual environment.

Australia’s largest bank, Commonwealth Bank of Australia, said on Wednesday it would become the first in the country to offer crypto services to retail clients.

According to digital asset researcher CryptoCompare, assets under management (AUM) in digital investment products rose 45.5% in October to a record high of $ 74.7 billion. The total AUM of bitcoin-based products rose 52.2% to $ 55.2 billion, while the AUM of Ethereum funds rose 30% to $ 15.9 billion, a record for two categories.

(Reporting by Vidya Ranganathan and Tom Westbrook in Singapore and Alun John in Hong Kong; editing by Jacqueline Wong)

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