Ethereum reaches new all-time high after successful Altair upgrade

ETH has bounced to a new all-time high today as it hit $4,400.97 at around 1:02 am UTC, according to the leading market data aggregator CoinMarketCap.

Ethereum reaches new all-time high after successful Altair upgrade

ETH is currently priced at $4,340 at the time of writing, with the asset surging around 46.6% since the start of October. 

The price index of CoinMarketCap indicates that the previous ATH was eight days ago on Oct. 21, with the asset reaching a price of $4,308.48. Ethereum has been on a bullish tear since dropping to around $1,780 on July 21 and has since gained 147% to rise to a new point of price discovery.

The latest gain in price appeared as Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of nodes upgraded at the time. A successful Altair upgrade to the Beacon Chain was seen as an important factor clearing the way to the merge with the Ethereum mainnet and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.

The success of Ethereum is also being driven by the platform’s use in the booming DeFi and NFT sectors. They highlight ongoing rising demand for ETH in the future, thus ensuring additional tailwinds to its bullish outlook in Q4 2021 and possibly into 2022.

Since July, the second biggest crypto has also undergone important upgrades such as the London Hard Fork that introduced a deflationary burning mechanism to the asset as part of the network’s fee structure.

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