The price of Ethereum (ETH) has bounced to a new all-time high (ATH) today as it hit $ 4,400.97 around 1:02 am UTC, according to the ETH / USD price indices on Coinbase and Coinmarketcap.
At the time of writing, ETH is currently priced at $ 4,380, and the asset has risen about 46.6% since the beginning of October. The Coinmarketcap price index indicates that the previous ATH was only eight days ago, and the asset reached a price of $ 4,308.48 on October 21.
ETH has been in a bullish tear since it fell to around $ 1,780 on July 21, and has since gained 147% to climb to a new price discovery point.
Cointelegraph reported yesterday that Ethereum 2.0 Altair Beacon Chain Update got off to a successful start, with 98.7% of nodes upgraded at that time. A successful upgrade from Altair to the Beacon Chain was seen as a major factor that cleared the way towards 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 use of the platform on the rise decentralized finance (DeFi) and non-fungible token (NFT) sectors. They highlight the growing demand for Ether going forward, which warrants additional tailwinds to its bullish outlook in Q4 2021 and possibly 2022.
To be clear: I am more than irresponsibly long on ETH right now. Now I have leverage but through calls. This is by far the most important personal position of my entire life by a factor of 10 (or more).
My vision horizon for this part of the trade is 6 to 9 months.
- Raoul Pal (@RaoulGMI) October 29, 2021
Since July, Ethereum has also seen major updates such as the London Hard Fork which introduced a deflationary combustion mechanism to the asset as part of the network's rate structure.
Related: Data Shows Ethereum Bulls Expect New ATH After $ 1.25 Billion ETH Options Expiration On Friday
General market sentiment in crypto has also been positive of late, with the SEC approving multiple Bitcoin futures-based ETFs to be launched on the New York Stock Exchange. Bitcoin hit new all-time high prices in the wake of the news.
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