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Cryptocurrency ether hits all time high of $4,400

The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours, breaching the previous top of $4,380 set May 12.

October 29, 2021 / 11:03 AM IST
The stablecoin universe is so far dominated by two main tokens, Tether and USD Coin. Tether is already more than 60 percent of the total stablecoins currently issued, worth about $100 billion. [Image: Shutterstock]

The stablecoin universe is so far dominated by two main tokens, Tether and USD Coin. Tether is already more than 60 percent of the total stablecoins currently issued, worth about $100 billion. [Image: Shutterstock]

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% to $4,400 in Asian hours, breaching the previous top of $4,380 set May 12.

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

Bitcoin, which hit its record high of $67,016 on Oct. 20 was last 1.4% higher at $61,457, up about 50% since late September.

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

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Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.
Reuters
first published: Oct 29, 2021 11:04 am
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