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Ethereum price hits all-time high after Ether 2.0 upgrade




Ethereum_coin


 Ethereum (ETH), one of the most popular and second-largest cryptocurrencies in the world in terms of market capitalization, hit a new all-time high of $4,00 on Friday spiked over 10% in the last 24 hours, October 29, 2021.

On Tuesday, October 26, ETH coasted to nearly $4300 before declining back to below $4,000. However, yesterday the network underwent its third upgrade in seven months, bringing Ethereum 2.0 a faster, more secure network once step closer to fruition.

The price of the asset has also benefited from an August network upgrade, the London hard fork which instituted a deflationary mechanism. Instead of paying fees to miners, who currently process transactions on the network, users now pay a base fee to the network which promptly destroys it. Since reducing the rate of supply growth on the network, ETH has ascended from the mid $2,000s to its current highs.

An expert analyst Michael van de Poppe's considers that Ethereum will go to $10,000 this cycle, whereas certified technical analyst CryptoBirb sees more like $20,000.

Additionally, the expert analysts point to continued growth in demand for Ether in the future, assuring that the cryptocurrency's optimistic prognosis continues until Q4 20201 and maybe even beyond that date. in the Ethereum blockchain, the domains of decentralized finance (DeFi) and non-fungible tokens (NFTs) are two of the fastest-growing and their use is also a significant contributor to the platform's development.



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