By Shelly Melancon (Switzerland)
Per the ETH/USD price indexes on Coinmarketcap and Coinbase, the value of Ethereum (ETH) has risen to a new all-time high (ATH) now, reaching $4,400.97 at roughly 1:02 a.m. UTC. Ethereum (ETH) is now trading at $4308.31 at the time of writing, with the currency having gained approximately 46.6% since the beginning of October. According to Coinmarketcap’s price index, the asset’s previous all-time high (ATH) occurred only eight days ago, on October 21, when it reached a price of $4,308.48.
The cryptocurrency has been on a tear since it dropped to around $1,780 on July 21, gaining 147% since then to reach a new level of price breakthrough. Earlier this week, it was revealed that the Ether 2.0 Altair Beacon Network upgrade had a smooth launch, with 98.7% of nodes having been updated at the moment of the launch. A functional Altair update to the Beacon Network was widely seen as a critical step toward the integration of the Ether mainnet and the move to a proof-of-stake (PoS) resolution protocol in Ethereum 2.0.
DeFi And NFTs Could Boost Ether’s Growth
Decentralized finance (DeFi) and non fungible tokens (NFT) are two of the fastest-growing areas on the Ethereum blockchain, and their use is fueling the platform’s growth. They point to continued growth in demand for Ether in the foreseeable future, which will provide further tailwinds for the cryptocurrency’s optimistic prognosis in the 4th quarter of 2021 and maybe into 2022.
Also read:Since July, Ether has also experienced significant modifications, such as the London Hard Fork, which added a deflationary combustion feature to the currency as a component of the network’s pricing scheme as part of its fee structure. As a result of the SEC’s approval of various Bitcoin futures-based exchange-traded funds to list on the New York Stock Exchange, the general market attitude towards cryptocurrency has improved recently. Immediately following the announcement, Bitcoin values reached fresh all-time highs.
Following Friday’s $1.25B ETH Contract Maturity, Bulls Expect A New ATH
Ether (ETH) has increased by 950% in 2021 and shows no signs of slowing. For the $1.25 billion October contract expiry, this may be seen too. This is not specific to Ethereum bulls. The desire to buy Ether at a set rate in the foreseeable future isn’t cheap. On Sep. 4, the $5,000 monthly expiry put option traded at ETH 0.082, or $320. Sadly, the bulls’ alternatives are now obsolete.
This will persist to favor competing blockchains with their very own decentralized finance (DeFi) and nonfungible token markets. Aside from the hefty costs, the dominant smart contract network has at least 80% TVL and DEX volumes. The positive momentum that started on Sep. 21 is pushing Ether to a new high of $4,380.
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