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The price of Ethereum (ETH) hits a new all time high (ATH) of $4,400.97 at around 1:02 am UTC.
Furthermore, ETH is currently at around $4,380, indicating around 46.6% increase since the start of October.
Notably, Coinmarketcap’s price index shows that the previous ATH was only eight days ago at $4,308.48 on Oct. 21.
More so, ETH is on a bullish run since declining to around $1,780 on July 21. So, this shows a 147% increase since then.
Furthermore, The Ethereum 2.0 Altair Beacon Chain update sees a successful start, with 98.7% of nodes upgrades.
Notably, Ethereum success also links to the use in DeFi and nonfungible token (NFT) sectors.
Which of ciurse, shows the growing demand for Ether in the future. Thereby, adding to the 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
Recall, Since July, Ethereum is undergoing important upgrades like the London Hard Fork. Which of course, brings about deflationary burning mechanism to the asset as part of the network’s fee structure.
Lastly, The overall market sentiment in crypto remains positive even as SEC approves multiple Bitcoin futures ETFs. Of course, to launch on the New York Stock Exchange.
Consequently, Bitcoin hits new all time high prices after the announcements.
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