Ethereum Broke New All-Time High, As Ethereum 2.0 Moves A Step Closer

The second largest crypto asset by market cap, Ethereum (ETH), broke a new all-time high (ATH) and continues its strong Q4 performance.

According to CoinGecko, Ethereum’s new all-time high sits at $4,416.05.

Earlier this week, ETH was closing in on $4,300 before retracting to under $4,000.

Yesterday, Ethereum network completed a third upgrade in seven months, bringing us closer to Ethereum 2.0, a faster, more inexpensive and more secure network.

Ethereum price has been performing well since the August network upgrade was completed. The upgrade, known as the London hard fork, instituted a deflationary burning mechanism: instead of paying fees to miners, who currently process transactions on the network, users now pay a base fee to the network, which destroys (burns) it. Since reducing the rate of supply growth on the network, ETH rose from mid-$2,000s to its current highs.

Ethereum traders have high expectations for ETH to extend its bull run. Bybt data shows that over $1.2 billion in ETH options are set to expire Friday. More than half of the bets on the future price of the asset (by the October 29 deadline) wagered it to go above $4,500.

If that happens, it will be a new record for an asset that’s been setting them all year.