SINGAPORE (Reuters – Ether, world’s 2nd-largest cryptocurrency, reached an all time high Wednesday. This was in response to the bitcoin rally and on the back of news about wider adoption.

The price of the ether token that underpins ethereum’s blockchain network rose to $4,643 during Asian hours. This surpasses the $4,600 level the day before and brings the week’s gain to greater than 10%.

Other tokens belonging to the Layer 1 layer of the blockchain network, which are also the largest, gained momentum in the days after bitcoin (the most valuable cryptocurrency on the planet) hit a record $67,016.5.

BTC was traded for $63,078 at the time and has seen an increase of about 117%. ether, however, is six times higher.

Ryan Rabaglia is the managing director of OSL and the global head for trading.

“Ethernet was the clear winner at Layer-1s and we expect a major shift in market sentiment, possibly lasting for a long time.” “Ethernet will continue to play major roles in the NFT/metaverse ecosystem build-out,” he stated.

There has been steady flow of news regarding cryptocurrency adoption in banks, the growth of nonfungible tokens for virtual gaming platforms and launch of U.S.-based bitcoin futures-based ETFs. Investors are looking to diversify their portfolios in uncertain interest rates.

Interest in smaller tokens has also risen after Facebook Inc Meta was rebranded by (NASDAQ:) to concentrate on the creation of the “metaverse”, an open-source virtual community.

Commonwealth Bank of Australia, Australia’s biggest bank (OTC) announced Wednesday that it would be the first country to offer crypto services for retail customers.

CryptoCompare reports that digital assets research firm CryptoCompare reported an increase in assets under management in October, reaching a record $74.7 billion. Total AUM of bitcoin-based products increased 52.2%, to $55.2 billion. Meanwhile, ethereum funds AUM rose 30%, to $15.9 trillion, which is a record for both these categories.