Smaller digital coins soar as bitcoin powers on towards record high

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By Tom Wilson
LONDON (Reuters) – Digital currencies Ethereum and XRP soared on Monday, gaining momentum as bitcoin powered on towards its all-time high.
Ethereum, the second largest cryptocurrency by market capitalisation after bitcoin, jumped 7% to its highest since June 2018, taking its gains to more than 25% over the last three days alone.
Traders said ethereum, which often moves in tandem with bitcoin, has been boosted by growing demand ahead of an upgrade to its blockchain network – due in early December – that is widely expected to make it quicker and more secure.
The upgrade could mean “more people and businesses can use ethereum for economic activity, rather than just financial trading,” said Ross Middleton, co-founder of cryptocurrency exchange DeversiFi.

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