Ether, the second-largest cryptocurrency in the world, reached an all-time high Wednesday. It caught up to bitcoin’s rally, riding on news about wider adoption of blockchain technology.
The ether token that underpins ethereum’s blockchain network rose to $4,643 in Asian hour, surpassing the previous day’s $4600, and taking week’s gains up to more than 10%.
Since bitcoin, the largest cryptocurrency in the world, reached a record high of $67.016.5 on October 20, 2018, other tokens on Layer 1 networks have gained momentum.
Bitcoin (BTC), which was traded at $63,078, is up around 117% this year while ether is up sixfold.
Ryan Rabaglia (managing director, global head of trading, digital asset platform OSL), stated that ether’s strength had been moving with BTC and other majors since the September market reversal.
“Ethereum was the clear winner in the Layer-1s, for what we believe will a significant shift in market sentiment uplift. He said that Ethereum would continue to play a significant role in the NFT/metaverse ecosystem building out.”
Since October, several blockchain tokens have been rising, including bitcoin and Ethereum, due to steady news about cryptocurrency adoption by banks, the growth of non-fungible tokens via virtual gaming platforms, and the launch of U.S. futures-based U.S. exchange traded funds.
After Facebook Inc changed its name to Meta, it has seen a rise in interest for smaller tokens. This is because Meta focuses on creating a shared virtual environment called the “metaverse”.
Commonwealth Bank of Australia, Australia’s largest bank said Wednesday that it would be the first country to offer crypto services to retail customers.
CryptoCompare, a digital assets researcher, reported that assets under management (AUM), in digital investment products, rose 45.5% to $74.7 billion in October. The total AUM of bitcoin-based products increased 52.2% to $55.2 Billion, while the AUM of ethereum funds increased 30% to $15.9 Billion, both record highs.