Bitcoin price rises as Ether surges to record
Cryptocurrency markets have rallied sharply in recent weeks
Is investing in crypto worth your money?
Former FDIC chair Sheila Blair shares skepticism on the value of cryptocurrency.
Bitcoin was trading 0.5% higher Friday morning.
The price was around $60,900 per coin, while rivals Ether and Dogecoin were trading around $4,340 and 29 cents per coin, respectively, according to Coindesk.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Ether the world's second largest cryptocurrency hit a all time high on Friday.
The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours.
It's previous high was set in May at $4,380, according to Reuters.
BITCOIN'S ETF OPENS THE FLOODGATES FOR MORE
The new high was reached after Ethereum burned more tokens than it emitted in the last 24 hours. Coin burning refers to the process of removing tokens from circulation and is the crypto market’s equivalent of a stock buyback, according to Coindesk.
Cryptocurrency markets have rallied sharply in recent weeks, and ether is up over 60% since its late September low.
Biitcoin set its own record last week at $67,016 and is up about 50% since late September.
CLICK HERE TO READ MORE ON FOX BUSINESS
Dogecoin has also been on the move recently. The cryptocurrency surged to $0.335 on Coinbase on Thursday, hitting the highest level since Aug. 20.