The day is finally here! Patient Ethereum HODLers have just seen the new ETH ATH, $4,477, just 2 hours ago, Nov 02, 2021. Ethereum is a Bitcoin competitor that is more open-source and enables the building of Dapps using its ERC20 tokens. Ethereum’s smart contracts also make DeFi, and NFT creators choose the platform. The token is more scalable, and many developers use its network. The coin went bearish after the crash of Bitcoin earlier this year and hit an ATH of $1,781.
However, Ethereum is a stable coin and protects its investors. Ethereum is not highly volatile but shows steady growth or collapse. It is a good coin for long-term investment. The coin price currently sits at $4,440, with a 24-hour trading volume of over $19,293,461,557 and a 19.37% market dominance. The price is up by 2.3%, with a total circulating supply of 120million. When the crypto market began recovering from the red season, Ethereum slowly rose to a 147% recovery.
Reasons for the ETH ATH
Layer 2 Ethereum upgrade
Vitalik has been talking about a Layer 2 upgrade to enable low fees. Users will no longer complain about high gas fees once Ethereum fully launches its layer 2 solutions. Ethereum Layer 2 protocol had a successful start, with about 98% of the nodules receiving an upgrade. The token burn increases Ethereum’s hash rate, which sits at 747 TH/s from 465TH/s in July.
Since July, Ethereum has undergone several changes, including the deflationary mechanism. Vitalik chose to burn the token supply of Ethereum to reduce gas fees and limit the maximum supply of the coin. Ethereum’s token burn rate has increased since because it is part of the network fees structure.
Altair Beacon Chain Upgrade
Many considered the successful Altair Beacon Chain upgrade to be a pathway clearer for merging the PoS consensus in Ethereum 2.0 and the Ethereum mainnet. Vitalik aims to use PoS to replace PoW to minimize transactional gas fees and mining costs. The Altair upgrade is a key reason for the recent pump.
New cryptocurrency Trends and Technologies
New technology and platforms such as Decentralized Finance (DeFi) and NFTs are the driving forces to the price gain. Creators continually building on Ethereum only shows how there is a rise in demand for the tokens. Therefore, Q4 will be nothing but bullish for Ethereum. The technologies such as crypto punks and weird whales make users trade ETH tokens at higher levels, increasing mining activities and prices. Ethereum miners are ramping up and even made a $.85 billion profit last month. The mining revenues are now higher than Bitcoin’s for the sixth month.
Ethereum (ETH) Rise
The crypto community has nothing but positive talk about Ethereum. The sleeping giant has been down for too long and is now slowly awakening. Vitalik is a strategic person who barely rushes or makes no mistakes. Ethereum is worth holding because this great start in November might mean it is “Ethereum November.” The bullish season is only beginning, and there’s more to come; for now, buy, stake, HODL, and wait for the bullish train.