Smaller digital coins soar as bitcoin powers on towards record high

Digital currencies Ethereum and XRP soared on Monday, gaining momentum as bitcoin powered on towards its all-time high.

Ethereum, the second largest cryptocurrency by market capitalisation after bitcoin, jumped 7% to its highest since June 2018, taking its gains to more than 25% over the last three days alone.

Traders said ethereum, which often moves in tandem with bitcoin, has been boosted by growing demand ahead of an upgrade to its blockchain network – due in early December – that is widely expected to make it quicker and more secure.