The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satochi bitcoin and blockchain shop in Zurich, Switzerland March 4, 2021. REUTERS/Arnd Wiegmann

HONG KONG, Oct 29 (Reuters) – Ether , the world’s second largest cryptocurrency, hit an all-time high on Friday, a little over a week after larger rival bitcoin set its own record.

As cryptocurrency markets have rallied sharply in recent weeks, ether is up more than 60% since its late September trough.

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 on May 12.

“It wouldn’t surprise me if we go blasting through in European and U.S. trade,” said Chris Weston, research head at Melbourne-based broker Pepperstone. “This is a momentum beast at the moment, and it looks bloody strong.”

A recent technical upgrade to the Ethereum network seemed to have helped, he added.

“A lot of the time, with these technological upgrades and bits and pieces, this is news that fuels the beast, it’s fodder for people to say,
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