Sitting pretty as the 2nd largest cryptocurrency by market price, ETH experienced a gain of 3.5% earlier today, achieving an all-time high at USD 4,403.93, breaking its old record of USD 4,379.62 back in May. Ethereum itself is already the most utilized blockchain, with much more than 3,000 decentralized programs — referred to as Dapps — operating on the network. The spike in value also corresponds with the network’s newest Altair update, which Ethereum 2.0 engineer Preston Van Loon claimed was successfully triggered earlier in the week.
In addition to ETH, other cryptocurrencies also rose in price, with both Binance Coin & Solana earning back lost value. The latter has been doing remarkably well this year with Polkadot, and the latest rises have signaled to investors that yet another alternative season is imminent.
Source: Bitcoin News
The Ethereum (ETH) value in USD climbed to greater levels in October 2021, hitting above 4,100 U.S. dollars. Despite Bitcoin — whose price surge was spurred by the IPO of a U.S.’ top crypto dealer Coinbase — the surgeon Ethereum stemmed from technical breakthroughs that prompted significant enthusiasm among traders. First, the “Berlin upgrade” went out over the Ethereum platform in mid-2021, an upgrade supposed to prepare the road for decreased ETH gas costs — or reduced processing fees. Secondly, the advent of Uniswap V3 in May 2021 — a smart contract technology — is projected to greatly enhance Ethereum trading.
Ethereum’s Future And The DeFi Business
Price trends on Ethereum are difficult to forecast, but cannot be viewed outside of the realm of Defi — or Decentralized Finance. This industry employed technology to eliminate middlemen between participants in a financial transaction. Crypto wallets such as Coinbase Wallet are one example, while others include smart contractor Uniswap, Maker (the company behind stable coin DAI), money lender Dharma, and market protocol, Compound. Ethereum’s future development is inextricably linked to this sector: Unlike Bitcoin and Ripple, Ethereum is not a currency but an open-source software platform for blockchain applications — with Ether serving as the Ethereum network’s native token. In essence, Ethereum enables Defi, which means that if Defi succeeds, Ethereum succeeds as well.
NFTs: Ethereum’s Most Well-known Application
NFTs, or non-fungible tokens, almost doubled in value between 2018 and 2020, as seen by the global market capitalization of NFTs. These digital blockchain assets may effectively act as a unique code associated with a digital file, enabling the original content to be distinguished from any possible duplicates. Although this use is particularly prevalent in crypto art, it is not the only one: gaming, sports, and collectibles are other areas where NFTs are sold.