The price for the Ethereum rises to an all-time high in front of the Berlin hard fork

The total market capitalization of Ether is currently above the A $ 340 billion mark.

  • Ether is currently seeing fortnightly gains of over 25%
  • The latest upgrade in Berlin aims to address some of Ethereum’s urgent network congestion and high transaction fee issues.
  • Experts believe that ether will continue to grow in the near future, especially as many highly anticipated network upgrades continue to be rolled out.

Ether has cracked in the past 24 hours and the first altcoin went from A $ 2,800 to A $ 3,020. In addition, the ETH recorded growth of almost 10% in the past week. At the time of going to press, the currency is trading at AUD 3,010.

This latest surge in value comes just hours before a major upgrade – called “Berlin” – that is slated to take place across the Ethereum network. The update is intended to help reduce the processing costs associated with certain types of transaction (TX) by allowing multiple shipments to be combined into one unit, which enables more efficient data sharing within the ETH ecosystem.

In addition, Berlin will pave the way for “London”, another major network overhaul (including EIP 1559) due to go live a few months later in July.

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The continuing rise of ether explained

Antoni Trenchev, co-founder and managing partner of Nexo, a regulated digital assets institution, commented on Ethereum’s ongoing rise and told Finder that despite congestion and scalability issues, Ether currently has solid $ 2,000 support, but the network is Berlin and London need upgrades for the amazing performance will continue and add:

“Fortunately, the Ethereum developer community is not watching the grass grow under their feet. With EIP 1559 released to solve problems in the chain, we are likely to see more rallies, although this is likely to be a small spike compared to becomes the rally truth ready when Ethereum hits 2.0. “

In addition, he suggested that the broader impact of ETH’s success is good for altcoins in general as well, as an affirmation of any kind for Ether can be seen as an affirmation of the potential of the blockchain and for all companies built using this technology .

Similarly, David Schwartz, project manager at Hermez, a decentralized zk rollup that focuses on scaling payments and token transfers on the Ethereum network, pointed out to Finder that the future of ETH is bright, especially with lots of network updates and Layer 2 integrations looming on the horizon. And while there may be some volatility, he is confident that the Ethereum network will stand the test of time and continue to grow and innovate. Schwartz explained:

“There’s a reason Ethereum is overloaded: people are actually using it. High gas fees are evidence of the demand for Ethereum as a settlement layer. Given the value that is being transacted and the number of developers involved in updating the Codes work, Ethereum is and will remain the king of layer 1. “

The GPU’s future sales forecast looks good

According to Nvidia, the manufacturer of gaming hardware, the company is quite optimistic about its future budget outlook. Nvidia’s market performance has expanded into the GPU manufacturing wing as well. The company more than tripled its revenue estimate for its crypto mining offering (CMP) in the first quarter (from $ 50 million to around $ 150 million).

In this regard, Colette Kress, Nvidia’s executive vice president and chief financial officer, announced that given the rapid pace of the digital asset market, the company is pretty optimistic about its future when it comes to manufacturing high quality GPUs. On this subject, Kress was quoted further:

“Overall demand remains very strong and continues to outperform supply, while our canal inventory remains poor. We expect demand will continue to outperform supply for much of this year.”

After all, Nvidia’s tripling of crypto mining equipment only shows the increasing demand for such equipment. For example, mining company Hut8 announced just last month that it had purchased Nvidia’s $ 30 million GPU hardware – an estimated 60% of Nvidia’s original CMP estimate.

looking ahead

Regarding the direction of the crypto market, Schwarz believes that it is highly unlikely that there will ever be a “one-system-for-all” scenario when it comes to blockchain technology, and that there will be in the coming The number of decentralized platforms will run parallel to one another instead of competing with one another. He added:

“Contrary to the maximalist views of Ethereum, there is room for competitors like Binance Smart Chain or Solana. Neither of these networks will” kill “Ethereum, but Ethereum will not kill them either. The future will likely be a multichain landscape in which Ethereum dominates and other networks form their own niches. “

Varun Satyam, co-founder of Bitlumex, a PR newswire for blockchain and crypto products, believes Ether has transformed into the digital currency that developers around the world prefer for a variety of reasons – including usability, smart contract features, etc. what the future holds for Ether financially, he said:

“Right now, ETH is in the accumulation phase so expect sudden price increases in the future. It will be the same as it was when BTC hovered around 20,000 and then rose to 50,000 in no time,” he added.

Finally, Satyam believes that ETH is now the core transaction layer of the crypto world and it will be at least 2-3 years before the network is replaced by another platform, especially since most other networks have not yet faced real challenges related to such of scalability.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, delve deeper into Ethereum, and learn what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a number of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as confirmation of the cryptocurrency or any particular provider, service or offer. It is not a recommendation to trade. Cryptocurrencies are speculative, complex, and involve significant risks – they are very volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Take into account your own circumstances and seek advice before relying on this information. You should also review the nature of a product or service (including its legal status and relevant regulatory requirements) and check the websites of the relevant regulatory authorities before making a decision. Finder or the author may be involved in the discussed cryptocurrencies.

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