Cashed up institutional buyers are piling into cryptocurrency markets at an unprecedented rate, rocketing bitcoin to record levels and triggering a rotation into ether as traders chase the next leg of returns.

Ether, the world’s second-largest cryptocurrency and native token of the ethereum blockchain platform, neared its all-time high trading at $US4727 on Thursday, extending its rally over the past six months to 76 per cent, which has smashed bitcoin’s 27 per cent advance.

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