Cryptocurrency ether hits all time high of $4,400

HONG KONG (Reuters) – Ether the world’s second largest cryptocurrency hit a all time excessive on Friday, a little bit over per week after bigger rival bitcoin set its personal document.

The token, which underpins the ethereum blockchain community, rose as a lot as 2.6% to $4,400 in Asian hours, breaching the earlier high of $4,380 set Might 12.

Cryptocurrency markets have rallied sharply in latest weeks, and ether is up over 60% since its late September trough.

Bitcoin, which hit its document excessive of $67,016 on Oct. 20 was final 1.4% larger at $61,457, up about 50% since late September.

Among the many greatest latest movers in cryptocurrencies nonetheless, is meme-based cryptocurrency shiba inu whose worth has rocketed round 160% this week, and is now the world’s eighth largest token.

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

(Reporting by Alun John; Modifying by Simon Cameron-Moore)