Ether, the world’s second largest cryptocurrency, hit an all-time high on Wednesday, catching up on the Bitcoin rally and riding on news of a broader blockchain rollout.
The ether token that underpins the Ethereum blockchain network rose to as much as $ 4,643 in Asian hours (approx. The Ethereum price in India was Rs. 3.62 lakh as of 1:30 p.m. IST on November 3rd.
In the days since Bitcoin, the world’s largest cryptocurrency, hit its record high of $ 67,016.5 (about Rs. 49 lakh) on October 20, other tokens on the base layer of blockchain networks, known as Layer 1 Networks are known to be gaining traction. Bitcoin price in India was Rs. 49.7 lakh as of 1:30 p.m. IST on November 3rd.
Bitcoin (BTC) was trading at $ 63,078 (about Rs 47 lakh) and is up about 117 percent this year, while ether is up six times.
“Since the market reversal in late September, Ether has grown for strength with BTC and other majors,” said Ryan Rabaglia, managing director and global head of trading at Digital Asset Platform OSL.
“Ethereum was the clear winner of the Layer-1s as we believe it will be a significant shift if market sentiment may continue. Ethereum will continue to play an important role in building the NFT and Metaverse ecosystem, ”he said.
The steady flow of news about the introduction of cryptocurrencies by banks, the growth of non-fungible tokens on virtual gaming platforms, the introduction of Bitcoin futures-based US ETFs, and investors’ need for diversification in an uncertain interest rate environment have several blockchain tokens, including Bitcoin ., advanced and ether, higher since October.
Interest in smaller tokens has also increased after Facebook changed its name to Meta in order to focus on building the “Metaverse”, a shared virtual environment.
Australia’s largest bank, Commonwealth Bank of Australia, said Wednesday it would be the first in the country to offer crypto services to retail customers.
According to digital asset researcher CryptoCompare, assets under management (AUM) in digital investment products rose 45.5 percent in October to a record high of $ 74.7 billion. Total assets under management for Bitcoin-based products rose 52.2 percent to Rs 55.2 billion (approximately Rs.4.11.310 billion), while Ethereum-based funds under management increased by 30 percent to $ 15.9 billion (approximately 1.18.475 billion rupees), a record high for both categories.
© Thomson Reuters 2021
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