Ether outperforms the US Fed, While Bitcoin Lags

Ether outperforms the US Fed, While Bitcoin Lags. Following bitcoin’s climb and boosted by reports of more blockchain usage. Ether, the world’s second largest cryptocurrency, reached an all-time high on Wednesday.

As of 3:15 p.m. EDT, the ether token, which serves as the foundation. For the Ethereum blockchain network, was trading at $4,670.81.

As a result of the Federal Reserve’s announcement that it would reduce its asset purchases. The cryptocurrency increased its gains, breaking through the $4,600 mark set the previous day. However, the Fed maintained its belief that high inflation would be “transitory” and would not necessitate. A rapid increase in interest rates.

This week, the price of ether has increased by more than 10%.

Since bitcoin, Ether outperforms the world’s most valuable cryptocurrency. Reached a new all-time high of $67,016.5 on Oct. 20, other tokens on the blockchain’s base layer. Known as Layer 1 networks, have gained in popularity and value.

Mr. Danny Chong, chief executive officer of decentralised asset tracking platform Tranchess. Predicts that cryptocurrency will continue to rise in value over the next three months. “The correlation between crypto and equities and risk-on sentiments is great,” he added.

“With the absence of negative news, everyone is anticipating a bull run.” Chong explained. “To determine the extent of the movement, one should consider what could bring it to a halt.”

Bitcoin (BTC) was trading at $63,262 at the time

Bitcoin (BTC) was selling at over $63,262 and has gained approximately 117 percent. This year, while ether has increased sixfold.

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

“Ether outperforms has emerged as the clear winner of the Layer-1s in what we anticipate. It will be a significant shift in market sentiment during. A potentially sustained upswing in the stock market. Ethereum will also continue to play a significant role in the development of the NFT. And metaverse ecosystems “he explained.

Recently, investors have sought diversification in an uncertain interest rate environment. As evidenced by a steady stream of news about cryptocurrency adoption by financial institutions. The growth of nonfungible tokens on virtual gaming platforms, and the launch of bitcoin futures-based ETFs. In the United States. Several blockchain tokens, including bitcoin and ether. Have seen significant gains since October.

Interested parties have also expressed an interest in smaller tokens since Facebook Inc (FB.O). Relaunched as Meta to focus on establishing the “metaverse,” which is an open virtual world. 

The Commonwealth Bank of Australia, the country’s largest bank. Announced on Wednesday that it will be the first in the country. To offer cryptocurrency services to retail customers. 

According to CryptoCompare, a digital assets research firm, assets under management (AUM). In digital investment products increased by 45.5 percent in October. To a new all-time high of $74.7 billion, a record high. The entire AUM for bitcoin-based products surged by 52.2 percent to $55.2 billion. While the total AUM for ethereum-based funds jumped by 30 percent to $15.9 billion. Both of which are new highs in their respective categories.

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