Ethereum and the cryptocurrency market sentiment has also been very positive recently. And this is due to the US stock exchange regulator having approved the introduction of several ETFs based on Bitcoin futures on the New York Stock Exchange. After the news was released, Bitcoin hit a record high.
Ethereum (ETH) Rebounded to a New High of $4,401
According to Coinmarketcap’s ETH/USD price index on October 29, the price of Ethereum (ETH) rebounded to a new all-time high (ATH), reaching $4,400.97 around 1:02 a.m. UTC.
At the time of writing, ETH is currently priced at $4,322.90 and the asset is up about 46.6% since early October. Coinmarketcap’s price index shows that the previous ATH hit a price of $4,308.48 just eight days ago on October 21.
ETH has been in a bullish state since dipping to around $1,780 on July 21 and has since risen 147% to hit a new pricing point.
ETH/USD 4H Chart. Source: TradingView
Altair’s Successful Upgrade of the Beacon Chain
In a report, yesterday by Fxcryptonews, Ethereum core developer Raul Jordan announced that the upgrade from Altair to Beacon Chain had been successfully deployed after 98.7% of the nodes were updated. Altair’s successful upgrade of the Beacon Chain is seen as an important factor paving the way for the merger with the Ethereum Mainnet and the transition to the Proof of Stake (PoS) consensus mechanism in Ethereum 2.0.
The success of Ethereum is also due to the use of the platform in the booming areas of decentralized finance (DeFi) and non-fungible tokens (NFT). They stressed that demand for Ether will continue to grow in the future to ensure its bullish outlook has more tailwind in the fourth quarter of 2021 and possibly 2022.
Since July, Ethereum has also seen major upgrades, such as the London Hard Fork, which introduced a deflationary combustion mechanism for assets as part of the network fee structure.