Cryptocurrency Ether hits all time high of $4,400

Cryptocurrency markets have rallied sharply in recent weeks, and Ether is up over 60% since its September trough

Ether, the world's second largest cryptocurrency, hit an all time high on Friday, a little over a week after larger rival bitcoin set its own record.

The token, which underpins the Ethereum blockchain network, rose as much as 2.6 per cent to $4,400  in Asian hours, breaching the previous top of $4,380 set May 12.

Cryptocurrency markets have rallied sharply in recent weeks, and Ether is up over 60 per cent since its late September trough. Ether price in India as of October 29 at 11:24am IST is Rs. 3.45 lakh.

Bitcoin, which hit its record high of $67,016 on October 20 was last 1.4 per cent higher at $61,457, up about 50 per cent since late September. 

Among the biggest recent movers in cryptocurrencies however, is meme-based cryptocurrency shiba inu whose price has rocketed around 160 percent this week, and is now the world's eighth largest token.

Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.