Ethereum hits new ATH after Altair upgrade shows clear path to merger

The price of Ethereum (ETH) rose to a new all-time high (ATH) today when it hit USD 4,400.97 around 1:02 a.m. UTC, according to the ETH / USD price indices on Coinbase and Coinmarketcap.

At the time of writing, ETH is currently priced at $ 4,380, with the asset up 46.6% since early October. Coinmarketcap’s price index shows that it was only eight days ago the previous ATH and the asset hit a price of $ 4,308.48 on October 21.

ETH has been on an uptrend since falling to around $ 1,780 on July 21, and has since gained 147% to hit a new point in pricing.

ETH / USD chart October: Coinmarketcap

Cointelegraph reported yesterday that the Ethereum 2.0 Altair Beacon Chain update started successfully, with 98.7% of the nodes being updated at this point. A successful Altair upgrade to the Beacon Chain was seen as an important factor paving the way for the merger with the Ethereum mainnet and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.

Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance (DeFi) and non-fungible tokens (NFT) sectors. They highlight the sustained rise in demand for ether in the future and thus provide additional tailwind for its bullish outlook in the fourth quarter of 2021 and possibly through 2022.

Just so we can make it clear – I’ve just been ETH for more than irresponsible long time. I have leverage now but over calls. This is by far the greatest personal position of my entire life by a factor of 10 (or more).

My viewing horizon for this part of the trade is 6 to 9 months.

– Raoul Pal (@RaoulGMI) October 29, 2021

Since July, Ethereum has also undergone major upgrades, such as the London Hard Fork, which introduced a deflationary burning mechanism for the asset as part of the network’s fee structure.

Related: Data shows Ethereum bulls are expecting a new ATH after the $ 1.25 billion expiry in ETH options on Friday

Overall market sentiment in the crypto space has also been positive recently, as the SEC cleared several Bitcoin futures-based ETFs for listing on the New York Stock Exchange. Bitcoin hit new all-time highs on the news.

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