LONDON (Reuters) – Ether hit an all-time high on Wednesday, amplifying its recent rally on increased use of decentralized financial apps and growing institutional interest in cryptocurrencies.
The second-largest cryptocurrency by market cap after bitcoin rose to a high of $ 4,372.35, eclipsing the previous record, reached Monday, and was up 2% on the day.
Bitcoin was down slightly at $ 56,353.
Ether is up nearly 500% against the dollar this year as the ethereum blockchain becomes more widely used by peer-to-peer, or decentralized, cryptocurrency platforms that allow crypto-denominated loans outside of banking institutions. traditional.
The rise has also seen Ether, which in the crypto world is also widely known as Ethereum, easily outperforming its biggest main rival, Bitcoin, which is up about 95% against the dollar this year.
JP Morgan said on Wednesday that the pace of evolution in the ethereum market has “held fast” and that there is still room for growth.
(Reporting by Ritvik Carvalho; additional reporting by Marc Jones in London; Edited in Spanish by Janisse Huambachano)