HONG KONG (REUTERS) - Ether, the world's second-largest cryptocurrency, hit an all-time high on Friday (Oct 29), a little over a week after larger rival Bitcoin set its own record.

As cryptocurrency markets have rallied sharply in recent weeks, Ether is up more than 60 per cent since its late September trough.

The token, which underpins the Ethereum blockchain network, rose as much as 2.6 per cent to US$4,400 (S$5,915) in Asian hours, breaching the previous top of US$4,380 set on May 12.

"It wouldn't surprise me if we go blasting through in European and US trade," said Mr Chris Weston, research head at Melbourne-based broker Pepperstone. "This is a momentum beast at the moment and it looks strong."

A recent technical upgrade to the Ethereum network seemed to have helped, he added.

"A lot of the time, with these technological upgrades and bits and pieces, this is news that fuels the beast - it's fodder for people to say, 'this is what we bought in for' and as soon as it starts moving, it's like a red rag to a bull. People just go and buy."

Bitcoin, which hit its record high of US$67,016 on Oct 20, was last up 1.4 per cent at US$61,457 for an increase of about 50 per cent since late September.

Among the biggest recent movers in cryptocurrencies, however, is meme-based cryptocurrency Shiba inu, whose price has rocketed about 160 per cent this week and is the world's eighth largest token.

Shiba inu is a spinoff of Dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.