Ethereum hits all-time high following Bitcoin’s rally

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Ethereum (ETH), the world’s second-largest cryptocurrency, rose to an all-time high of US$4,643 on Wednesday.


The ETH price breached the US$4,600 record-high taking the week’s gains to over 10%.


“Since the market reversal at the end of September, Ether’s strength has been moving in stride with BTC and other majors,” said Ryan Rabaglia, the managing director and global head of trading at digital asset platform OSL.


The continued strength of Ethereum comes as cryptocurrencies are increasingly being adopted by banks, alongside the growth of NFTs.


Investment bank Goldman Sachs (NYSE:GS) predicted earlier this week that ETH will end the year almost double in price to US$8,000.


ETH is the most popular network for crypto tokens that do not have their own blockchain, and, Rabaglia expects that the Ethereum token will “continue to play a big role in the NFT [non-fungible token] and metaverse ecosystem build-out.”

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