Amid news of broader blockchain adoption, Ethereum, the world’s second-largest crypto by market value, hit a record high.
Ether, the token used to fuel the ethereum blockchain network, climbed to $4,643 on Wednesday, exceeding $4,600 the previous day and extending this week’s gains to more than 10%.
Over the past few days, other tokens on the base layer of blockchain networks, called Layer 1 networks, have gained momentum since bitcoin, the world’s largest crypto by market valuation, reached a record high on October 20.
During Wednesday morning’s trading, Bitcoin (BTC) was trading around 63K and up about 117% to date, whereas Ether is up six-fold to date.
The strength of ether has been moving in step with BTC and other majors since the end of September
The Layer-1s have clearly favored Ethereum, which we believe will lead to a substantial shift in market sentiment. Additionally, Ethereum will continue to be a key player in building out the NFT and metaverse ecosystem
Following news of crypto adoption by global banks, growth of non-fungible tokens on virtual gaming platforms, and the launch of U.S. bitcoin futures ETFs, several blockchain tokens, like bitcoin and ether, have been pushed higher since October.
In the past few months, smaller tokens have also seen a rise in popularity after Facebook Inc rebranded itself as Meta to focus on creating the “metaverse,” a shared virtual environment.
Commonwealth Bank of Australia, Australia’s largest bank, announced on Wednesday it will offer crypto services to its retail clients.