The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the screen of a cryptocurrency ATM of the blockchain payment service provider Bity in the store of bitcoin and blockchain from House of Satochi in Zurich, Switzerland March 4, 2021. REUTERS / Arnd Wiegmann
HONG KONG, Oct. 29 (Reuters) - Ether, the world's second-largest cryptocurrency, hit an all-time high on Friday, just over a week after its biggest rival bitcoin set its own record.
As crypto markets have rallied dramatically in recent weeks, ether is up more than 60% from its late-September low.
The token, which underpins the ethereum blockchain network, surged as much as 2.6% to $ 4,400 in Asian hours, breaking the previous high of $ 4,380 set on May 12.
"I wouldn't be surprised if we made progress on European and American trade," said Chris Weston, head of research at Melbourne-based brokerage Pepperstone. "This is a beast of momentum right now, and it seems very strong."
A recent technical update to the Ethereum network seemed to have helped, he added.
"Most of the time, with these tech upgrades and bits and pieces, this is news that feeds the beast, it's fodder for people to say, 'This is what we buy for,' and as soon as it starts moving It's like a red rag to a bull, people just go and buy. "
Bitcoin, which hit its all-time high of $ 67,016 on October 20, was last up 1.4% to $ 61,457, for a rise of around 50% since the end of September.
However, among the biggest recent boosters in cryptocurrencies is the meme-based cryptocurrency shiba inu, whose price has soared around 160% this week, and is the eighth largest token in the world.
Shiba inu is a derivative of dogecoin, which was born as a satire of the cryptocurrency frenzy in 2013, and has little practical use. read more
Reporting by Alun John in Hong Kong and Kevin Buckland in Tokyo; Edited by Clarence Fernandez
Our Standards: The Thomson Reuters Trust Principles.
