Ethereum’s Ether (ETH) has recorded a new record high on 29th October Friday at about 1.02 AM UTC. The price record is per the price indexes for ETH/USD on CoinMarketCap and Coinbase.
A Long Time Coming For Ethereum
When the article was being written, the price of ETH was $4,380. The asset has seen a surge of about 46.6% from the beginning of the month of October. The price index of CoinMarketCap indicated that the last record high for ETH happened a mere 8 days ago. On 21st Oct, the asset had reached the price point of $4,308.48.
On 21st July, ETH had dropped to about $1,780. Ever since then, Ethereum’s ETH has seen bullish momentum. Since 21st July’s low point, the token has seen an increase of about 147% as it has risen to a new price point that was yet undiscovered.
On Thursday, Cointelegraph had reported that an Ethereum 2.0 update known as the Altcoin Beacon Chain had seen an initial start that was successful. 98.7% of all the nodes were successfully upgraded when it was rolled out. The success of the Altair upgrade for the Beacon Chain was perceived as a significant factor that cleared the path for the upcoming merge involving the main-net of Ethereum. The merge will also be a transition toward an Ethereum 2.0 consensus mechanism that is still proof-of-stake.
The success of Ethereum has further causes driving it such as the use of the platform in the fast-emerging sectors of nonfungible tokens and decentralized finance. The highlight the continuing and increasing Ether demand for the future. It also thus ensure more tailwinds for the bullish outlook during Q4 2021, as well as, probably Q1 2022 and beyond.