Ethereum Scales All-Time High to $4,400 Following Altair Upgrade

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by Tolu Ajiboye · 3 min read
Ethereum Scales All-Time High to $4,400 Following Altair Upgrade
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Ethereum reached an all-time high of $4,400 on Friday to cap off a 147% 3-month surge since July 21st.

Ethereum (ETH) rose to an all-time high of $4,400 on October 29th after surging by approximately 46.6% since October started, according to the ETH/USD price indexes on Coinmarketcap and Coinbase. Furthermore, blockchain data revealed that the Ethereum blockchain burned more tokens than it emitted within the last 24 hours. The reason for this was primarily due to strong moves from Shiba Inu (SHIB).

Coindesk data reveals that ETH first rose to its new all-time high during Asian hours, surpassing its previous record high of $4,379 back in May. The digital asset, which spiked to $4,308 only eight days ago, has been on a 3-month bullish run since July. On July 21st, ETH dropped to about $1,780, but has since climbed by 147%. In addition, at the going price of $4,370, the digital currency is up by 45% on a month-to-month basis – compared with the 40% gain from Bitcoin. Thursday’s First Mover newsletter suggested that the volatility spread ratio of both prominent tokens augurs well for Ether. This is a sign that the market expects ETH to keep leading price action in the weeks to come.

Tokenview tracked current circulatory data of ETH and SHIB. The blockchain search engine discovered that the former produced 15,109.34 ETH, while burning 16,710.2 ETH over the past 24 hours. By comparison. SHIB burned 770.12 ETH. Further, token circulatory data tracked by Tokenview showed that Uniswap V2 destroyed 2729.22 ETH while Tether burnt with 1248.72 ETH.

Recent Ethereum Success Expected to Continue and Also Push For New All-Time High

Yesterday, CoinSpeaker reported that the Ethereum 2.0 Altair Beacon Chain update was off to a successful start, with up to 98.7% of nodes upgraded. The success of the Altair upgrade to the Beacon Chain means the protocol can now look ahead to other planned key developments. This includes merging with the Ethereum mainnet and transiting to a proof-of-stake consensus mechanism in Ethereum 2.0.

Ethereum’s success also comes from extensive usage of the protocol in the worlds of decentralized finance (DeFi) and non-fungible tokens (NFTs). In addition, the rising demand for Ethereum further ensures that its bullish outlook will continue throughout the fourth quarter – and beyond. As analyst Raoul Pal said on Twitter:

“Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more). My view horizon for this part of the trade is 6 to 9 months.”

Ethereum underwent some important upgrades since July to ensure it continues to chart the way in blockchain proficiency and adaptability. One such upgrade is the London Hard Fork, which sets ETH on a more deflationary path.

Overall crypto sentiment is positive at the moment after getting renewed momentum from the newly-commissioned US Bitcoin futures ETFs.

Altcoin News, Blockchain News, Cryptocurrency News, Ethereum News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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