Ethereum Price Creates New All-Time High and Market Cap Over $510 Billion

  • Since July, Ethereum has seen significant enhancements.
  •  Ether transactions now account for $28.9 billion.

Bitcoin hit a new all-time high (ATH) nine days ago, and now Ethereum, the second most popular cryptocurrency, has done the same on Friday morning. Ethereum hit a high of $4,416 per unit and has subsequently fallen around 2% from that level. Recently, the price of ETH has been on a Bull Run. It has risen 147 percent after dipping to roughly $1,780 on July 21 to reach around $4,416.

ETH/USDT: Source: TradingView

According to CoinMarketCap, the price of ETH on Friday touched $4,400.97 at roughly 1:02 a.m. UTC. Again according to CoinMarketCap’s price index, the last ATH occurred just eight days earlier, on Oct. 21, the ETH price reached $4,308.48.

Significant Updates

The Ethereum 2.0 Altair Beacon Chain upgrade is off to a solid start, with 98.7% of nodes already updated. The successful upgrade of Altair to the Beacon Chain is viewed as a critical step toward the Ethereum mainnet merging and the move to a proof-of-stake consensus mechanism in Ethereum 2.0.

Ethereum (ETH) has the second-largest crypto market capitalization, valued at over $510 billion today. Ether transactions now account for $28.9 billion, and ETH’s market cap has a dominance rating of roughly 18.8%.

Its popularity, further fueled by its application in the burgeoning decentralized finance and non-fungible token (NFT) industries. Moreover, they emphasize Ether’s future expanding demand, assuring more tailwinds for its positive prognosis in Q4 2021 and potentially beyond 2022.

Since July, Ethereum has seen significant enhancements, including the London hard fork, which included a deflationary burning mechanism as part of the network’s fee structure concerns.

The US Securities and Exchange Commission (SEC) has approved the launch of various Bitcoin futures-based exchange-traded funds on the New York Stock Exchange. Thus, indicating that general market confidence in crypto has improved. Following the announcement, Bitcoin (BTC) values soared to fresh all-time highs.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.