Ethereum Jumps to New Record High After Successful Altair Upgrade

Recently, the price of Ethereum has witnessed a bullish streak. It has gained 147% since July 21, when it was approximately $1,780, and is now around $4,400.

Today marks history for Ethereum as it hits another ATH  of $4,400.97 at roughly 1:02 a.m. UTC as reported by Coinbase and Coinmarketcap’s ETH/USD price indexes. 

ETH is currently trading at $4,380, representing a 46.6% increase since the beginning of October.

It has not been long since the last time Ethereum hit all-time highs, only about 8 days ago. This previous ATH reached a high of $4,308.48 according to Coinmarketcap’s price index.

Since dipping to roughly $1,780 on July 21, ETH has gained 147 percent to reach a new price discovery milestone.

With 98.7% of nodes upgrading at the moment, the Ethereum 2.0 Altair Beacon Chain update was a success. 

A successful Altair upgrade to the Beacon Chain was considered a key component in paving the way for Ethereum 2.0’s mainnet merge and move to a proof-of-stake (PoS) consensus method.

The use of Ethereum in the industry of Decentralized Finance and Non-Fungible Tokens further helps with the popularity of ETH. These two sectors emphasize the increased need for Ether in the upcoming future, assuring more tailwinds to its positive prognosis in Q4 2021 and possibly into 2022.

Ethereum has seen significant enhancements from the months of July, including the London Hard Fork, which consisted of a deflationary burning mechanism as part of the network’s fee structure.

The SEC recently approved numerous Bitcoin futures-based ETFs to list on the New York Stock Exchange, indicating that overall market confidence in crypto has improved.

The second-largest cryptocurrency was not the only one to reach ATH as following this news, Bitcoin also climbed to a new record high.

Also Read: Ethereum Price Prediction October 2021: Will ETH Reach $10,000 In October?