New All Time High For Ether

Ether has reached a new all-time high after seeing its value cut by more than half earlier this year.

Though not perfectly correlated, ether—the native cryptocurrency of the Ethereum blockchain—has historically moved in line with bitcoin. But while bitcoin broke new ground on Oct. 20, reaching a new high of $66,975, ether's price remained several percentage points below its all-time high for much of the day.

However, ether finally breached its previous record high of $4,402.13 in the last hours of Oct. 28, bringing its market cap up to $517 billion. The cryptocurrency has the second largest market cap, behind bitcoin, which has a market cap of approximately $1.2 trillion.

Source: CoinDesk

Ether's ascent upward in line with bitcoin could be due to investors' hopes that an ether ETF could be coming soon. Ether futures trade on CME just as bitcoin futures do, and several issuers have filed for ether futures ETFs. (Read: Current Ether ETF Filing Updates)

The coin could also be ascending due to the implementation of an upgrade to the Ethereum blockchain that will make minting new coins more efficient.

With the SEC giving a bitcoin futures ETF the green light and the ProShares Bitcoin Strategy ETF (BITO) getting off to a popular start, there is certainly investor demand for cryptocurrency strategies in an ETF wrapper.

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