On Friday, Ether, the world’s second-largest cryptocurrency, struck a new high, a little over a week after its larger competitor bitcoin did the same.
In Asian hours, the token, which supports the Ethereum blockchain network, jumped 2.6 percent to $4,400 (approximately Rs. 3,28 lakh), breaking the previous high of $4,380 (about Rs. 3.27 lakh) established on May 12.
Cryptocurrency markets have risen substantially in recent weeks, with Ether up more than 60% from its low in late September. As of 11:24 IST on October 29, the price of ether in India is Rs. 3.45 lakh.
Bitcoin, which set a new all-time high of $67,016 (approximately Rs. 50 lakh) on October 20, was recently 1.4 percent higher at $61,457 (about Rs. 46 lakh), up than 50% from late September. As of 11:24 IST on October 29, the price of bitcoin in India is Rs. 48.8 lakh.
The meme-based cryptocurrency Shiba Inu, whose price has surged approximately 160 percent this week and is currently the world’s ninth-largest token, is one of the biggest recent movers in cryptocurrencies.
Shiba Inu is a fork of Dogecoin, which was created in 2013 as a parody of the cryptocurrency craze. It has very little practical value.