Ethereum Price Soars and Breaks New ATH

Rancakmedia.com – The price of the cryptocurrency Ethereum (ETH) has grown 6.9 percent in the previous 24 hours, and 5.8 percent in one week as reported by Konecko. Ethereum managed to reach a new all-time high (ATH) of US$4,416 (approximately Rp. 62,590,838) on October 29, 2021.

According to Cointelegraph, the increase was driven by the developer's success in updating the Altair Ethereum 2.0 Beacon Chain with 89.7 percent of nodes updated. It is an important component that prepares the way for joining the Ethereum mainnet and the shift to a prof-of-stake (PoS) consensus mechanism in Ethereum 2.0.

Etherum's success has also been fueled by the platform's use in decentralized finance (DeFi) and non-fungible tokens (NFT), which are now growing. They noted a possible increase in the demand for Ether in the future so ETH is anticipated to have a positive trend again at the end of 2021.

Previously, Ethereum engineers had made important updates, most notably the London Hard Fork in July. The increase applies the combustion mechanism as part of efforts to reduce high gas costs.

Currently the market mood towards crypto is quite favorable, because the SEC authorizes Bitcoin-based ETFs issued on the New York Stock Exchange. At the time of writing, the price of Ethereum is trading at Rp. 63,309,123 based on data from Konecko.

Conclusion Regarding Soaring Ethereum Price:

The price of Ethereum Soared reached a new all-time high (ATH) of US$4,416 (approximately Rp. 62,590,838) on October 29, 2021. This increase was driven by the developer's success in updating the Ethereum 2.0 Altair Beacon Chain with 89.7 percent of nodes updated. They noted a possible increase in demand for Ether so ETH is anticipated to have a positive trend again at the end of 2021.