Altair Pushes Ethereum to New Highs -Breaking
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Altair pushes Ethereum to New Highs- On November 3, 2018, it reached an all time high of $4 638.
- Altair is the first major upgrade on the Beacon Chain that has been made since 2020.
- Analysts predict Ethereum will break out, and move closer to the $10,000 threshold.
Flippening may be closer than we expected. Ethereum’s market momentum could cause a castling effect in the crypto rankings after the ETH market capitalization reached a new high of $548 billion, and a market dominance of 19.8% as the price of Ether broke out to a new high.
Ethereum and the All-Time High Story
As long as the market continues to favor Ethereum’s price, Ethereum will be in a prime position to rise to new heights. CoinMarketCap reports that Ethereum’s network upgrade was successful and has seen it reach an all-time high price of $4,638.
Crypto Twitter (NYSE) is excited about the possibility of Ethereum surpassing the 4 figures mark prior to the end of the bull cycle. The Moon, a Twitter user, highlighted that Ethereum is forming a cup and handle, and expects ETH to experience a “massive breakout.”
Lark, a crypto analyst highlighted the fact that Ethereum continues to be undervalued even though it reached an all-time high. What’s more is that the same concept was shared by Goldman Sachs (NYSE:), who underlined that the price of Ethereum is expected to reach $8,000 in the months to come.
Flipside
- Ethereum has yet to address its high network fees, making it easier for “Ethereum Killers” to chip away at its market share.
Upgrades or not?
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. NFTs, DeFi and other NFTs continue to remodel and reshape Ethereum based upon market demand. NFTs were one of the most sought-after products on Ethereum for Q3, however, traders are now turning to DeFi tokens. Etherscan data suggests that DeFi tokens have the highest number fees in the last 24 hour.
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.
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