NEW YORK, Sept 3 (Reuters) – 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.” (Reporting by Chuck Mikolajczak in New York and Tom Wilson in London)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
This news is republished from another source. You can check the original article here