Ethereum Price Soars, Breaks New ATH

JAKARTA – The price of the cryptocurrency Ethereum (ETH) has increased 6.9 percent in the last 24 hours, and 5.8 percent in one week, according to a report from Coiningecko. Ethereum managed to break a new all-time high (ATH) at the level of US$4,416 (around Rp.62,590,838) on October 29, 2021 this morning.

According to Cointelegraph, the increase was driven by the developer's success in upgrading the Ethereum 2.0 Altair Beacon Chain with 89.7 percent of nodes being upgraded. This was an important factor that paved the way for joining the Ethereum mainnet and the transition to a prof-of-stake (PoS) consensus mechanism in Ethereum 2.0.

Etherum's success is also fueled by the use of platforms in the field of decentralized finance (DeFi) and non-fungible tokens (NFT), which are currently booming. They highlight the possibility of an increase in Ether demand in the future so that ETH is predicted to experience a bullish trend again at the end of 2021.

Previously, Ethereum developers had developed an important upgrade, namely the London Hard Fork last July. The increase introduced a burning mechanism as part of efforts to reduce high gas fees.

Currently the market sentiment towards crypto is quite positive, where the SEC approved a Bitcoin-based ETF that was released on the New York Stock Exchange. At the time of writing, the price of Ethereum was trading at the level of Rp. 63,309,123 based on data from Coingecko.