Ether, the world’s second-largest cryptocurrency, hit a record high on Wednesday, catching up with Bitcoin rallies and riding the news of broader blockchain adoption.
Ethereum tokens, which underpin the Ethereum blockchain network, rose to $ 4,643 in Asian time, surpassing $ 4,600 the day before, raising weekly profits to more than 10%.
Since Bitcoin, the world’s largest cryptocurrency, reached a record $ 67,016.5 on October 20, other tokens on the base layer of the blockchain network known as Layer 1 networks are gaining momentum.
Danny Chong, CEO of Branches, a decentralized asset tracking platform, said:
“Everyone expects a bullish move in the absence of negative news,” Chung said. “To determine the depth of movement, do we need to ask what can lower it?”
Bitcoin (BTC) is trading at around $ 63,078, up about 117% this year, while ether is up six-fold.
Ryan Labagria, Managing Director and Head of Global Trading, Digital Asset Platform OSL, said:
“Ethereum was a clear winner in Layer 1 because we believe it will make a big difference in the potentially protracted rise in market sentiment. Ethereum was also the building of the NFT and Metaverse ecosystem. Will continue to play a major role in, “he said.
Steady news flow on bank adoption of cryptocurrencies, growth of non-fungible tokens on virtual game platforms, launch of Bitcoin futures-based US ETFs, and investor needs for diversification in an uncertain interest rate environment Has pushed up some blockchain tokens, including Bitcoin and Ether, which has been higher since October.
Smaller tokens are also gaining interest after Facebook Inc. has changed its brand name to Meta to focus on building the shared virtual environment “Metaverse”.
Commonwealth Bank of Australia, Australia’s largest bank, said Wednesday that it would be the first in the country to offer cryptographic services to retail customers.
According to digital assets researcher CryptoCompare, assets under management (AUM) for digital investment products increased 45.5% in October to a record $ 74.7 billion. Total AUM for Bitcoin-based products increased 52.2% to $ 55.2 billion, and Ethereum-based funds AUM increased 30% to $ 15.9 billion, record highs in both categories.