The world’s second largest cryptocurrency Ether reached a record high on Friday.

According to a report from Reuters, the digital asset increased by 2.6 per cent to $4,400 this week, an all-time high for the cryptocurrency.

The news comes not long after rival bitcoin hit its own record.

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

"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 is currently the world’s top cryptocurrency, reached a record high of more than $67,000 last week. It was last up by 1.4 per cent at $61,457, representing a surge of nearly 50 per cent since the end of last month.

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