- Ethereum reached an all-time high of $4,638 on November 3rd.
- The Altair upgrade is the first upgrade to be made on the Beacon Chain since 2020.
- Analysts expect Ethereum to break out and inch closer to the $10,000 mark.
The flippening might be coming even sooner than anyone could have expected. Ethereum’s market momentum could cause a castling effect in the crypto rankings after the ETH market capitalization reached a new high of $548 billion, and a market dominance of 19.8% as the price of Ether broke out to a new high.
Ethereum and the All-Time High Story.
Ethereum is in prime position to rally to new highs as market sentiment continues to be bullish towards the price of ETH. According to data from CoinMarketCap, Ethereum has reached an all-time high of $4,638 following a successful network upgrade.
Crypto Twitter is ecstatic at the prospect of Ethereum breaching the 4 figure marker before the end of the current bull cycle. The Moon, a Twitter user, highlighted that Ethereum is forming a cup and handle, and expects ETH to experience a “massive breakout.”
In a podcast, crypto analyst Lark Davis highlighted that Ethereum remains undervalued after the token reached a previous all-time high. What’s more is that the same concept was shared by Goldman Sachs, who underlined that the price of Ethereum is expected to reach $8,000 in the months to come.
On The Flipside
- Ethereum has yet to address its high network fees, making it easier for “Ethereum Killers” to chip away at its market share.
Upgrades or No Upgrades?
Altair is not the sole catalyzing agent for Ethereum’s charge towards new highs, as demand for Ethereum dApps continues to surge. Altair’s successful implementation has created a positive precedent for investors as it directly affects the Beacon Chain.
Supplementarily to this, DeFi and NFTs have continued to grow on Ethereum and have improved the network’s market position. Trends amongst NFTs and DeFi on Ethereum continue to reshape and remodel based on market demand. While NFTs were the hottest products on Ethereum during Q3, traders seem to be turning back towards DeFi tokens as Etherscan data shows that Uniswap has the highest amount of fees issued in the last 24 hours.
Why You Should Care?
Ethereum’s upgrades, which turned it into a deflationary token, increased the worth of ETH tokens by adding the scarcity element, transforming ETH into a store of value.