Cryptocurrency: Ether Hits All Time High of $4,400

Ether, the world's second largest cryptocurrency, hit a all time high on Friday, a little over a week after larger rival bitcoin set its own record.

The token, which underpins the Ethereum blockchain network, rose as much as 2.6 percent to $4,400 (roughly Rs. 3,28 lakh) in Asian hours, breaching the previous top of $4,380 (roughly Rs. 3.27 lakh) set May 12.

Cryptocurrency markets have rallied sharply in recent weeks, and Ether is up over 60 percent since its late September trough. Ether price in India as of October 29 at 11:24am IST is Rs. 3.45 lakh.

Bitcoin, which hit its record high of $67,016 (roughly Rs. 50 lakh) on October 20 was last 1.4 percent higher at $61,457 (roughly Rs. 46 lakh), up about 50 percent since late September. Bitcoin price in India as of October 29 at 11:24am IST is Rs. 48.8 lakh.

Among the biggest recent movers in cryptocurrencies however, is meme-based cryptocurrency shiba inu whose price has rocketed around 160 percent this week, and is now the world's eighth largest token.

Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.

© Thomson Reuters 2021