Ethereum Price Soars and Breaks New ATH

Lovata Andrean

Ethereum Price Soars and Breaks New ATH
Ethereum Price Soars and Breaks New ATH

Rancakmedia.com – The price of cryptocurrency Ethereum (ETH) has grown 6,9 percent in the previous 24 hours, and 5,8 percent in one week as reported by Coinecko. Ethereum managed to reach a new all-time high (ATH) of US$4.416 (around Rp. 62.590.838) on October 29, 2021.

According to Cointelegraph, the increase was driven by developers' success in updating the Altair Ethereum 2.0 Beacon Chain with 89,7 percent of nodes updated. This is a critical 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.

Ethereum Price Soars

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

Previously, Ethereum engineers have made important updates, most notably the London Hard Fork in July. The upgrade implements a flaring mechanism as part of an effort to lower high gas costs.

Currently the market atmosphere is positive crypto quite profitable, as the SEC authorized Bitcoin-based ETFs issued on the New York Stock Exchange. At the time of writing, the price of Ethereum was trading at Rp. 63.309.123 based on data from Coinecko.

Conclusion Regarding Soaring Ethereum Price:

Ethereum Price Soared to reach a new all-time high (ATH) of US$4.416 (around IDR 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 by the end of 2021.

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Lovata Andrean

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