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Ethereum hits all-time-high

Ethereum

www.thecoinrepublic.com 08 November 2021 18:20, UTC
  
Reading time: ~2 m

  • Ether, the world’s second-largest cryptocurrency, has surpassed its previous high, catching up to Bitcoin’s advance and riding on rumors of more blockchain usage
  • BTC was selling at over $63,078 and has increased by nearly 117 percent this year, while Ether has increased by six times
  • Since October, several blockchain tokens, including BTC and Ether, have risen due to a steady stream of news on cryptocurrency adoption by banks

Ether, the world’s second-largest cryptocurrency, has surpassed its previous high, catching up to Bitcoin’s advance and riding on rumors of more blockchain usage. The Ether token, which powers the Ethereum blockchain network, soared to $4,643 in Asian hours on Wednesday, surpassing the previous day’s high of $4,600 and extending the week’s gains to more than 10%. 

Other tokens on the basic layer of blockchain networks, known as Layer 1 networks, have gained traction in the days after Bitcoin, the world’s largest cryptocurrency, achieved a record high of $67,016.5 on October 20.

Ether’s strength has been growing in lockstep with BTC and other majors since the market reversal at the end of September, said Ryan Rabaglia, managing director and global head of trading at digital asset platform. Ethereum has emerged as the obvious victor of the Layer-1s for what we expect will be a significant change in a possible long-term market sentiment boost, says the report. ETH will continue to play a significant role in the development of the NFT and metaverse ecosystem,  he added. 

ALSO READ: REDDIT IS WORKING ON A PROGRAM THAT WOULD TURN ITS USERS’ KARMA POINTS INTO ETHEREUM-BASED TOKENS

Since October, several blockchain tokens, including Bitcoin and Ether, have risen due to a steady stream of news on cryptocurrency adoption by banks, the growth of non-fungible tokens on virtual gaming platforms, the launch of Bitcoin futures-based ETFs exchange-traded funds, and a need among investors for diversification in an uncertain interest rate environment. After Facebook Inc renamed it Meta to focus on constructing the metaverse, a shared virtual world, smaller tokens have received increased attention as well. 


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