The cryptocurrency of this network, ether, was worth $ 4,400.
The Altair update kicked off the move to Ethereum 2.0 and could have influenced the market.
After reaching its historical maximum price (ATH or All Time High) on October 21, the cryptocurrency ether (ETH) of the Ethereum network reached USD 4,400 in value on the night of October 28. In the hours that followed, its value remained lateral.
According to data from CoinMarketCap, the value of ether at the close of this note is USD 4,335, and it has remained at close values in the previous hours as well. Despite this slight setback, until the first hours of the day the price was above the USD 4,366 that marked the previous ATH a little more than a week ago.
Taking into account that on the night of the previous day – October 27 – each ETH was trading at USD 3,920, its increase in 24 hours was approximately 12.5%.
Parallel to its price, the market capitalization of ether also peaked at the same time. Thus, this reached 519.7 billion dollars, according to the aforementioned source.
On the chart you can see the sharp increase in the price of ETH on October 28. Source: CoinMarketCap.
Altair, the possible reason for the ATH
One of the factors that could have driven the rise in the price of this cryptocurrency is the first update of the Beacon Chain, the initial fragment of the new Ethereum 2.0 network.
This upgrade has been operational since last October 27, as reported by ., and a vast majority of the nodes – 72% at that time – already supported it.
ETH’s market capitalization also peaked. Source: CoinMarketCap.
In this way, Ethereum begins to build a new blockchain with the aim of making it more efficient, scalable, secure and sustainable. The main change in the new blockchain has to do with the move from mining to proof of stake for the operation of the network.
Nevertheless, It is a process that includes several phases and that it is just taking its first steps. At the moment, the consequences of the update seem to have been reflected in the market with a new ATH.