Ethereum (ETH/USD) has been on a major bullish rally during the past 24 hours and even managed to reach an all-time high of beyond $4400. The main reason attributed to the ETH bull rally to record highs is the Altair upgrade.
Ethereum Launches Altair Upgrade
Yesterday, Ethereum launched the Altair Beacon Chain update. The first day of this upgrade was a success as 98.7% of nodes were upgraded. The Altair upgrade is among the features that Ethereum is implementing to achieve Eth 2.0.
With the Altair upgrade, Ethereum will be a step closer to transitioning to a proof-of-stake consensus. This upgrade precedes the Ethereum merge, where the Ethereum mainnet will be merged with Beacon Chain.
Ethereum’s dominance in decentralized finance (DeFi) is also increasing. Moreover, Ethereum is also becoming a major hub for non-fungible tokens, and the increased use cases are playing a major role in promoting the growth of the network and the rising value of Ether tokens.
The adoption of the network by developers is a positive sign for the value of Ether in the future. With this upgrade, Ether is poised to have a bullish outlook during this last quarter of 2021.
Ethereum has been undergoing major updates since July this year. One of these upgrades was the London Hard Fork upgrade to change Ether’s supply to a deflationary model and bring efficiency to the network’s fee structure.
Ether makes Major Gains
Similar to what has happened before, the recent Ethereum upgrade has driven value. On October 29, Ethereum reached an all-time high of $4416, according to CoinGecko. At the time of writing, the token has shed some of the gains, and it is trading at $4331.
Over the past month, Ether has gained by around 54% and had previously made an ATH on October 21. The current price is more than double what the token was trading at in late July. On July 21, Ether was trading at $1780; hence the current price is an almost 150% price gain.
The Ethereum gains over the past month have been attributed to the positive market sentiment, as Bitcoin (BTC/USD) had previously reached all-time high prices.
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