Ether Touches Record High Of $4,643 On Wider Blockchain Adoption, Bitcoin Trails

The ether token, which underpins the ethereum blockchain network, rose to as high as $4,643 in Asian hours, breaching the previous day's $4,600 and taking the week's gains to more than 10 per cent.

Ether, the world's second-largest cryptocurrency, hit an all-time high on Wednesday, catching up with bitcoin's rally and riding on news of wider blockchain adoption.

The ether token, which underpins the ethereum blockchain network, rose to as high as $4,643 in Asian hours, breaching the previous day's $4,600 and taking the week's gains to more than 10 per cent.

In the days since bitcoin, the world's largest cryptocurrency, hit its record high of $67,016.5 on Oct. 20, other tokens on the base layer of blockchain networks, known as Layer 1 networks, have gathered momentum.

"The correlation of crypto versus equities and risk-on sentiments is high," said Danny Chong, chief executive officer of decentralised asset tracking platform Tranchess, who expects further gains over the quarter.