Ether scales $4,600 to record high, bitcoin trails

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A practice of cryptocurrency Ethereum is seen successful this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

SINGAPORE, Nov 3 (Reuters) - Ether, the world's second-largest cryptocurrency, deed an all-time precocious connected Wednesday, catching up with bitcoin's rally and riding connected quality of wider blockchain adoption.

The ether token, which underpins the ethereum blockchain network, roseate to arsenic precocious arsenic $4,643 successful Asian hours, breaching the erstwhile day's $4,600 and taking the week's gains to much than 10%.

In the days since bitcoin , the world's largest cryptocurrency, deed its grounds precocious of $67,016.5 connected Oct. 20, different tokens connected the basal furniture of blockchain networks, known arsenic Layer 1 networks, person gathered momentum.

Bitcoin (BTC) was trading astir $63,078 and is up astir 117% this year, portion ether is up six-fold.

"Since the marketplace reversal astatine the extremity of September, ether's spot has been moving successful stride with BTC and different majors," said Ryan Rabaglia, managing manager and planetary caput of trading astatine integer plus level OSL.

"Ethereum has been the wide victor of the Layer-1s for what we judge volition beryllium a important displacement successful a perchance prolonged marketplace sentiment uplift. Ethereum volition besides proceed to play a large relation successful the NFT and metaverse ecosystem physique out," helium said.

The dependable watercourse of quality connected cryptocurrency adoption by banks, maturation of non-fungible tokens connected virtual gaming platforms, motorboat of bitcoin futures-based U.S. ETFs and a request among investors for diversification successful an uncertain involvement complaint situation person pushed respective blockchain tokens, including bitcoin and ether, higher since October.

Smaller tokens excessively person seen rising involvement aft Facebook Inc (FB.O) rebranded itself into Meta to absorption connected gathering the "metaverse", a shared virtual environment. work much

Australia's largest bank, Commonwealth Bank of Australia, said connected Wednesday it volition go the country's archetypal to connection retail clients crypto services.

According to integer assets researcher CryptoCompare, assets nether absorption (AUM) successful integer concern products roseate 45.5% successful October to a grounds precocious of $74.7 billion. The full AUM for bitcoin-based products grew 52.2% to $55.2 billion, portion ethereum-based funds AUM accrued 30% to $15.9 billion, grounds highs for some categories.

Reporting by Vidya Ranganathan and Tom Westbrook successful Singapore and Alun John successful Hong Kong; Editing by Jacqueline Wong

Our Standards: The Thomson Reuters Trust Principles.

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