Ether soared to its highest level since May on Wednesday, triggered by a wave of investors seeking gains in altcoins to bitcoin, according to a report by Markets Insider on Wednesday.

  • Ethereum’s ether token increased by nearly 7% at one point to a high above $3,560. It was last up to around 3% at $3,530.
  • Even though bitcoin remains the most actively traded cryptocurrency, many of its smaller rivals, including ether, the Cardano network’s ADA, or Polkadot’s DOT, are growing in market size.
  • These smaller blockchains provide a wider variety of applications than Bitcoin’s, including decentralized finance procedures and NTFs.
  • NTFs are digital tokens connected to real-world assets such as videos and pieces of artwork.
  • The largest NFT platform, Open Sea, posted record monthly activity in August, with more than $3 million worth in volume.  

Decentralized finance, or DeFi, is one of the applications of blockchain technology that has features like the Ethereum network.  Ether is the second-largest coin by market capitalization after bitcoin. BTC USD up +0.72%, ETH USD up +3.51%, ADA USD up +2.31%, DOT USD down -4.39%.