ETH hits new all-time high following network update

Ether (ETH) hits new all-time high

The price of ETH seemed to struggle for a few days to stay above $ 4000, although it had already surpassed its all-time high (ATH) a week ago. But it has made a particularly strong recovery since yesterday, taking + 13% in the space of a day:

Ether ETH price

ETH breaks all-time high again – Source: TradingView, ETH / USDT

ETH’s new record is now set above $ 4,400. The cryptocurrency’s capitalization now exceeds $ 514 billion. This corresponds to 18% of the total market cap of crypto assets.

The performance is notable as Bitcoin (BTC), which usually dictates the measure for altcoins, remains far from its last ATH. It traded this morning against $ 61,100, an increase of + 2% over the last 24 hours.

πŸ‘‰ Also discover – What to remember from LisCon, the conference dedicated to Ethereum (ETH) in Lisbon?

A course supported by the Altair update?

This jump in the price of ETH seems to have been carried by a recent update of the “Beacon chain”, which is the coordination mechanism of the new Ethereum network. It allows the transition to Proof of Stake: the main goal of Ethereum 2.0.

The Altair upgrade is not major, but it has a symbolic weight: it is the first update of the Beacon chain. The Ethereum foundation calls it a β€œwarm-up” for blockchain and customers.

Altair allows, among other things, thin client support, optimizes incentive rewards and sets up punitive parameters for the EIP-2982. This is to encourage validators to keep their place on the network.

All this confirms in any case that the advances of Ethereum towards its version 2.0 tend to increase its price. This is particularly crucial for the blockchain, at a time when its rivals are jostling at the gate.

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About the author: Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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