Ether above $4,000 for first time since May 15
Ether, the second-biggest cryptocurrency, on Friday passed $4,000 for the first time since May 15, with analysts citing frenzied demand for non-fungible tokens (NFTs) as a driver of recent momentum.
The token, linked to the ethereum blockchain, was up 5.02% to $3,976.57. It has soared around 25% in the last 15 days.
Joseph Edwards, head of research at cryptocurrency brokerage Enigma Securities, said ether was in high demand as investors continue to pile into NFTs, many of which are based on the ethereum blockchain.
“It’s still primarily the NFT boom that’s driving markets - not directly,” he said. “It’s bringing some speculative interest back in the door.”
Bitcoin rises back above $50,000
Bitcoin rose 0.49% to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close.
The world’s biggest and best-known cryptocurrency is up 81% from this year’s low of $27,734 on Jan. 4.
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