• Flexi Group

Ether reaches a new high of $4,600, while bitcoin remains in second place.

Ether, the world's second-largest cryptocurrency, surpassed its previous high on Wednesday, catching up to bitcoin's gain and riding on rumors of more blockchain usage.

In Asian hours, the ether token, which powers the ethereum blockchain network, climbed to $4,643, surpassing the previous day's high of $4,600 and bringing 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.


"The link between crypto and stocks, as well as risk-on feelings, is really high," said Danny Chong, CEO of Tranchess, a decentralized asset tracking platform.


"With the lack of negative news, everyone is expecting a bull run," Chong explained. "Ask what can pull it down to determine the depth of the movement."


Bitcoin (BTC) is currently selling at $63,078 and has gained roughly 117 percent this year, while ether has increased six-fold.


"Ether's strength has been growing in lockstep with BTC and other majors since the market reversal at the end of September," Ryan Rabaglia, managing director and global head of trading at digital asset platform OSL, stated.


"The Layer-1s have clearly favored Ethereum for what we anticipate will be a significant change in a possibly long-term market mood boost. Ethereum will also play a significant role in the development of the NFT and metaverse ecosystems "He expressed himself.


Since October, several blockchain tokens, including bitcoin and ether, have risen due to a steady stream of news about cryptocurrency adoption by banks, the growth of non-fungible tokens on virtual gaming platforms, the launch of bitcoin futures-based U.S. ETFs, and a need among investors for diversification in an uncertain interest rate environment.


After Facebook Inc. (FB.O) relaunched as Meta to focus on establishing the "metaverse," a shared virtual world, smaller tokens have witnessed an increase in attention as well. ...


Commonwealth Bank of Australia, Australia's largest bank, said on Wednesday that it will be the first in the country to offer crypto services to retail consumers. ...


Assets under management (AUM) in digital investment products increased 45.5 percent to a new high of $74.7 billion in October, according to digital assets researcher CryptoCompare. The overall AUM for bitcoin-based products surged by 52.2 percent to $55.2 billion, while the AUM for ethereum-based funds jumped by 30% to $15.9 billion, both new highs.


By Flexi Team


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