Ethereum hits new ATH after dropping to around $1,780 on July 21

The price of Ethereum (ETH) has bounced to a new all time high (ATH) today as it hit $4,450 at around 4:02 Pm UTC 29th Oct, according to the ETH/USD price indexs on TheCoinInfo and Coinmarketcap.

At the time of writing, ETH is currently priced at $4,400, with the asset surging around 48.6% since the start of October. TradingView price index indicates that the previous ATH was only eight days ago, with the asset reaching a price of $4,308.48 on 21st Oct.

ETH has been on a bullish tear since dropping to around $1,780 on July 21, and has since gained 147% to rise to a new point of price discovery.

TheCoinInfo Data Analytics reported that the Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of nodes upgraded at the time. A successful Altair upgrade to the Beacon Chain was seen as important factor clearing the way to the merge with the Ethereum mainnet and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.

Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance (DeFi) and Non Fungible 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.

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.

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