Investing.com – The price of Ethereum’s ether rose on Friday as the cryptocurrency eyed a test of its recent all-time a day after a sea of red swept over the industry wiping millions of dollars from the cryptocurrency market.
, the second largest cryptocurrency by market cap, rose 7.43% to $1,225 nearing its recent all-time high of $1,382 earlier in the session.
The move higher comes after panic selling spread across crypto-markets on Thursday, wiping as much as $100 million from the market amid reports that South Korea was preparing to ban cryptocurrency trading. These reports have since been refuted by South Korean government officials.
South Korea plays a pivotal role in ethereum trading activity as more than more 10% of ethereum is said to be traded against the South Korean won.
Ethereum has notched several all-time highs over the past few days, boasting more than a 25% rise in just seven days as it nears its ‘Casper’ software update that aims to improve security and scalability on the network.
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