fbpx

Ethereum (ETH) reached an all-time high on Friday as its price struck $4,400.97, according to the ETH/USD consumer price index on Coinbase and CoinMarketCap.

At the time of writing, an Ethereum token is priced at $4,380, with the asset increasing about 46.6% since early October. CoinMarketCap’s price index shows that the previous all-time high was just eight days ago, reaching the price of a single ETH token of $4,308.48 on October 21st.

ETH has been bullish ever since going decreasing to $1,780 on July 21st. Since then, the asset has surged 147% to a new point of price discovery.

Cointelegraph announced Thursday that the Ethereum 2.0 Altair Beacon Chain update began successfully, with 98.7% of the nodes updated at the time. An effective Altair upgrade to the Beacon Chain was viewed as a vital part of the merger with the ETH mainnet and the switch to a proof-of-stake consensus mechanism in Ethereum 2.0.

In addition, Ethereum’s increasing success can be attributed to the platform’s involvement with DeFi and nonfungible tokens. They ensure perpetual demand for Ether in the future, securing extra tailwinds to its favorable outlook in Q4 2021 and potentially into 2022.

Since July, Ethereum has also undergone essential upgrades like the London hard fork. This upgrade launched a deflationary burning mechanism to the asset as part of the network’s fee structure.

Also, the general crypto market sentiment has recently been positive. This optimistic outlook is because the US Securities and Exchange Commission authorized several Bitcoin futures-based ETFs to initiate on the New York Stock Exchange. Bitcoin struck new all-time high prices following the news.

Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.