DailyCoin
Published Nov 03, 2021 09:35AM ET
Updated Nov 03, 2021 10:01AM ET
Altair Pushes Ethereum to New Highs
Ethereum and the All-Time High Story.
Ethereum is in prime position to rally to new highs as market sentiment continues to be bullish towards the price of ETH. According to data from CoinMarketCap, Ethereum has reached an all-time high of $4,638 following a successful network upgrade.
Crypto Twitter (NYSE:TWTR) is ecstatic at the prospect of Ethereum breaching the 4 figure marker before the end of the current bull cycle. The Moon, a Twitter user, highlighted that Ethereum is forming a cup and handle, and expects ETH to experience a “massive breakout.”
In a podcast, crypto analyst Lark Davis highlighted that Ethereum remains undervalued after the token reached a previous all-time high. What’s more is that the same concept was shared by Goldman Sachs (NYSE:GS), who underlined that the price of Ethereum is expected to reach $8,000 in the months to come.
On The Flipside
Upgrades or No Upgrades?
Altair is not the sole catalyzing agent for Ethereum’s charge towards new highs, as demand for Ethereum dApps continues to surge. Altair’s successful implementation has created a positive precedent for investors as it directly affects the Beacon Chain.
Supplementarily to this, DeFi and NFTs have continued to grow on Ethereum and have improved the network’s market position. Trends amongst NFTs and DeFi on Ethereum continue to reshape and remodel based on market demand. While NFTs were the hottest products on Ethereum during Q3, traders seem to be turning back towards DeFi tokens as Etherscan data shows that Uniswap has the highest amount of fees issued in the last 24 hours.
Why You Should Care?
Ethereum’s upgrades, which turned it into a deflationary token, increased the worth of ETH tokens by adding the scarcity element, transforming ETH into a store of value.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.