Ethereum appears to have bull mode turned on. After falling to around $1,780 on July 21, it has subsequently risen 147 percent to over $4,400. ETH has surged to a record ATH on Friday, reaching $4,400.97 at about 1:02 a.m. UTC, according to Coinbase and CoinMarketCap ETH/USD price indexes.
At the time of writing, ETH is trading at $4,380, a gain of around 46.6 percent from the beginning of October. CoinMarketCap’s price index reveals that the asset’s last all-time high occurred just eight days ago, on Oct. 21, when it reached a price of $4,308.48.Since falling to roughly $1,780 on July 21, ETH has risen 147 percent to reach a new price discovery milestone.
Ethereum’s growth
The Ethereum 2.0 Altair Beacon Chain update began successfully on Thursday, with 98.7 percent of nodes updated at the moment. A successful Altair update to the Beacon Chain was seen as a necessary condition for the Ethereum main net’s merging and the shift to a proof-of-stake consensus method in Ethereum 2.0. Ethereum’s growth is partly fueled by its adoption in the burgeoning decentralized finance and non fungible token industries. They demonstrate that demand for Ether will continue to grow in the future, providing more tailwinds to its optimistic forecast in Q4 2021 and potentially beyond 2022.
Significant modifications has happened to ETH
Since July, Ethereum has also seen significant modifications, including the London hard fork, which included a deflationary burning mechanism as part of the network’s fee structure. The broader market confidence in crypto has also improved recently, with the US Securities and Exchange Commission allowing the launch of various Bitcoin futures-based exchange-traded funds on the New York Stock Exchange. Bitcoin (BTC) values surged to fresh all-time highs in response to the news.
Will it hit 10000$?
Ethereum is expected to switch to proof-of-stake consensus next year and enable Layer 1 sharding post that. With Layer 2 systems like Matic (Polygon), the gas fee and TPS has become less of a concern, though Layer2 won’t offer same level of decentralization and security like Layer1s. Ethereum might hit 10000$ on positive development news on proof-of-stake consensus system.
Disclaimer
Founder or owner of Coin News owns more than 1000$ of Ethereum at the time of this writing.
