According to Coinbase and Coinmarketcap’s ETH/USD price indexes, Ethereum (ETH) hit a new all-time high today of $4,400.97 at around 1:02 am UTC.
Since the start of October, ETH’s price has risen 46.6% to $4,380, with the asset currently trading at $4,380. On Oct. 21, the asset reached the previous ATH of $4,308.48 on Coinmarketcap’s price index.
The price of Ethereum has been on a bullish tear since dropping to around $1,780 on July 21, gaining 147% since then to rise to a new point of price discovery.
The Ethereum 2.0 Altair Beacon Chain update had a successful start yesterday, since 98.7% of nodes were upgraded at that time, according to Cointelegraph. It was believed that the successful upgrade to Altair’s Beacon Chain would clear the way for the Ethereum mainnet merge and the transition to Ethereum 2.0’s proof-of-stake consensus mechanism.
Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance (DeFi) and nonfungible token (NFT) sectors. They highlight ongoing rising demand for Ether in the future, thus ensuring additional tailwinds to its bullish outlook in Q4 2021 and possibly into 2022.
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.
— Raoul Pal (@RaoulGMI) October 29, 2021
Since July, Ethereum has also undergone important upgrades such as the London Hard Fork that introduced a deflationary burning mechanism to the asset as part of the network’s fee structure.
Related: Data shows Ethereum bulls expect a new ATH after Friday’s $1.25B ETH options expiry
The overall market sentiment in crypto has also been positive of late, with the SEC approving multiple Bitcoin futures-based ETFs to launch on the New York Stock Exchange. Bitcoin hit new all time high prices in the wake of the news.
