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Ethereum (ETH) rose to a new all time high on Thursday as it peaked at $4,400.97 at around 9 pm EST, according to CoinMarketCap data.
At press time, ETH is trading hands at $4,337.39, with the second largest cryptocurrency having realized gains of more than 40% since the start of October. Ethereum’s previous high was a little over a week ago when the asset reached a price of $4,308.48 on October 21.
Its latest update, Ethereum 2.0 Altair Beacon Chain update started off successfully, with close to all the nodes upgraded and seems to be one of the driving factors of Ethereum’s current success and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.
Ethereum’s surge is also powered by the network’s use in the booming decentralized finance (DeFi) and nonfungible token (NFT) sectors. Demand for Ethereum does not seem to be slowing down anytime soon, hence ensuring the needed push to its bullish outlook in Q4 2021 and possibly into 2022.
Crypto’s overall bullish sentiment at the moment is also providing some tailwind for Ethereum, taking advantage of Bitcoin’s new all-time high and the recent SEC approval’s of Bitcoin future ETF’s
In July, Ethereum implemented its major London Hard Fork upgrade thereby introducing a deflationary burning mechanism, looking to bring down transaction fees.