At last check, ether was changing hands at $4,140.95 on CoinDesk, up 5.7 per cent overnight Tuesday.

Overall, the crypto asset has now gained more than 460 per cent over the last 12 months.

By comparison, bitcoin was flat on the day at $57,444.65, and up more than 97 per cent so far in 2021.

According to eToro’s crypto specialist, Simon Peters, ethereum has been moving in a sharp upwards trajectory since its latest hard fork with the number of DApps (decentralised applications) continuing to grow.

“Demand from institutional investors is fuelling this latest move higher as large-scale buyers diversify their exposure in this emerging asset class, with ethereum the natural next pick,” Mr Peters said.

The coin also has a far lower dollar value than bitcoin, which is currently trading just below $59,000 after a move up itself over the weekend.

Dogecoin rebounds after Musk leaves investors hanging

The value of dogecoin dropped sharply after cryptocurrency supporter and Tesla founder Elon Musk called it a ‘hustle’ during a guest spot on US program Saturday Night Live.

Since the fall, the price of dogecoin began climbing early Tuesday morning Australian time.

The appearance over the weekend had been expected to mark a watershed moment for doge, and comments from Mr Musk during one sketch saw him remark that it was “a hustle”.

The comments sparked a sell-off in doge, which fell as low as $0.42 at one stage, before rallying some 25 per cent off lows to trade at $0.53 this morning.