Ether reaches two-month high as software update test conducted

Ether is the native coin of Ethereum – the most important commercial blockchain – and its ride higher atop the optimism surrounding the merge, as the planned network upgrade is known, has become emblematic of the nascent crypto rebound from this year’s painful rout. — Litecoin photo created by master1305 - www.freepik.com

Ether hit a more than two-month high as the planned software upgrade to the ethereum blockchain underwent a major test, potentially paving the way for one of the most significant changes in the cryptocurrency sector.

The token rose as much as 4.1% on Thursday and was trading at around US$1,900 (RM8,468) as of 7.49am in New York - more than double a June low below US$900 (RM4,011) and far outpacing the rebound in bitcoin over the period. Ether had surged to a record of more than US$4,800 (RM21,393) in November.