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The price of Ethereum hits a new all-time high after the success of the new upgrade

The price of Ethereum hits a new all-time high after the success of the new upgrade

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Answer The price of Ethereum hits a new all-time high after the success of the new upgrade

The price of Ethereum, the second largest cryptocurrency by market cap, has surged more than 7% in the past 24 hours bringing the coin’s price to a new all-time high, just two days after breaking the previous record.

Ethereum’s new all-time high is $4,416.05, according to data from CoinGecko.

On Tuesday, October 26, the price of Ethereum tumbled to nearly $4,300 and before that, the coin fell below $4,000.

Yesterday, the Ethereum network underwent its third update in seven months, and according to the developers who are still waiting, the upgrade succeeded in principle and did what was required of it without problems so far, which will make Ethereum 2.0 a faster and safer network thanks to the continuous steps towards improvement.

Read:After the outcry of the crypto community… the founder of Binance explains why the SUSHI cryptocurrency was included

The price of Ethereum benefited from the new upgrade, as it had benefited earlier from the “London” update, which was last August, where this upgrade established and paved the way for the Ethereum contraction mechanism.

Instead of paying fees to miners, who are currently processing transactions on the network, users now pay basic fees to the network, which then destroys those fees.

Since the growth rate of supply on the network has been reduced, Ethereum has climbed from the mid-$2000s to its current highs.

Meanwhile, Ethereum traders were expecting the asset to extend its upward trend.

according to “BybtEthereum options, valued at more than $1.2 billion, are set to expire on Friday.

More than half of the bets on the future price of the asset (by the October 29 deadline) bet over $4,500.

Read:Bitcoin and Ethereum Price Volatility Decreased…What Does This Mean for Investors?

If that happens, it will be a new record for an asset that has been watched all year long.

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