Ethereum Records New ATH After Latest Altair Upgrade

Ethereum Records New ATH After Latest Altair Upgrade

Ethereum records new ATH after the latest Altair Upgrade and its new record price is above $4400 so let’s read more in our latest Ethereum price news.

The price of ETH as the second biggest crypto by market cap spiked over 10% in the past 24 hours to secure a new all-time high after two days of reaching its previous record. Ethereum records a new ATH set at $4,416 according to the data from CoinGecko. ETH inched near $4300 before declining all the way back to below $4000 but the network underwent its third upgrade in the past seven months and brought ETH 2.0 as a faster and more secure network closer to fruition.

ETH 24-hour price chart (Source: Coingecko)

The price of the asset benefited from the August network upgrade as the London hard fork which instituted a deflationary mechanism so instead of paying fees to the miners that process tranactions on the network as the users pay a base fee to the network which destroys it. Since reducing the rate of supply growth on the network, ETH increased from the $2000s to the current highs. In the meantime, ETH traders were expecting the asset to extend into the bull run and according to ByBt, over $1.2 billion in ETH options are set to expire. More than half of the bets on the price in the future wagered to above $4500. if this happens, it will become a new record for the asset that has been set for a year.

eth weekly
ETH 7-Day Price Chart (Source: Coingecko)

As recently reported, there is now over 118 million ETH in circulation and even though there’s no supply cap on the crypto, don’t expect the number to get higher. According to the simulations from ETH tracker Ultrasound Money, after the PoS transition, Ethereum’s supply could shrink and is set to decline 2% annually and if the rates hold, the blockchain will start burning more ETH than it produces with every new block. At the start of August, ETH developers hit the “go” button on the biggest upgrades ever to the blockchain. The London hark fork and the EIP-1559 an ETH improvement proposal that upped the block size to help combat the congestion on the network and destroyed the transaction fees rather than sending them to the miners.

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