Ethereum hits new ATH after Altair upgrade shows clear path to merger

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The price of Ether (ETH) rose to a new all-time high (ATH) on Friday when it hit USD 4,400.97 around 1:02 a.m. UTC, according to the ETH / USD price indices on Coinbase and CoinMarketCap.

At the time of writing, ETH is currently priced at $ 4,380, with the asset up 46.6% since early October. CoinMarketCap’s price index indicates that the previous ATH was only eight days ago and the asset hit a price of $ 4,308.48 on October 21st.

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ETH has been on an uptrend since falling to around $ 1,780 on July 21, and has since gained 147% to hit a new point in pricing.

ETH / USD chart October. Source: CoinMarketCap

Cointelegraph reported Thursday that the Ethereum 2.0 Altair Beacon Chain update had successfully launched, with 98.7% of the nodes being updated at this point. A successful Altair upgrade to the Beacon Chain was seen as a key factor paving the way for the merger with the Ethereum mainnet and transition to a proof-of-stake consensus mechanism in Ethereum 2.0.

Ethereum’s success is also being driven by the platform’s use in the booming decentralized financial and non-fungible token sectors. They highlight the sustained rise in demand for ether in the future and thus provide additional tailwind for its bullish outlook in the fourth quarter of 2021 and possibly through 2022.

Since July, Ethereum has also seen major upgrades, such as the London Hard Fork, which introduced a deflationary burning mechanism for the asset as part of the network’s fee structure.

Related: Data shows Ethereum bulls are expecting a new ATH after the $ 1.25 billion expiry in ETH options on Friday

Overall market sentiment in the crypto space has also been positive recently, as the US Securities and Exchange Commission approved several Bitcoin futures-based exchange-traded funds for listing on the New York Stock Exchange. Bitcoin (BTC) hit a new all-time high on the news.