HONG KONG, Oct 29 (Reuters) - Ether the world’s second largest cryptocurrency hit a all time high on Friday, a little over a week after larger rival bitcoin set its own record. The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours, breaching the previous top of $4,380 set May 12. Cryptocurrency markets have rallied sharply in recent weeks, and ether is up over 60% since its late September trough. Bitcoin, which hit its record high of $67,016 on Oct. 20 was last 1.4% higher at $61,457, up about 50% since late September. Among the biggest recent movers in cryptocurrencies however, is meme-based cryptocurrency shiba inu whose price has rocketed around 160% this week, and is now 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. (Reporting by Alun John; Editing by Simon Cameron-Moore)