The world’s second-largest cryptocurrency, Ethereum, hit an all-time high on Friday, a little over a week after larger rival bitcoin set its own record.
The world’s second-largest cryptocurrency Ethereum (ETH), is taking up the lead in the crypto market rally. The ETH price shot up 10%, hitting a new all-time high of $4,400 and entering the price discovery zone. Cryptocurrency markets have rallied sharply in recent weeks, and ether is up over 60% since its late September trough. The recent ETH price rally comes on the backdrop of strong address activity.
The number of active addresses interacting on $ ETH’s network just reached a 3-week high.
Ethereum is so far keeping up with the bitcoin’s price rally since the beginning of Q4 2021. The world’s second-largest cryptocurrency has gained more than 25% so far this month. Many analysts have been expecting $10K price targets by the end of the year. Besides, there has been heavy whale accumulation for ETH over the last few weeks. On-chain data provider Santiment reported, “The number of active addresses interacting on $ ETH’s network just reached a 3-week high, creating a #bullish divergence for this key on-chain metric.”
Ethereum 2.0 Beacon chain underwent the Altair upgrade with uninterrupted finality.
Earlier this week, the Ethereum 2.0 Beacon chain underwent the Altair upgrade with uninterrupted finality. It was the first major upgrade since the launch of the Beacon chain last year. Speaking of the development, Preston Van Loon, a developer on the Ethereum 2.0 client Prysm, said, “Altair has activated successfully! Finality was uninterrupted, and participation dropped as low as 93.3% in the first Altair epoch (exact number to be confirmed). Participation is now above 95%.” The Ethereum users who have been staking with ETH 2.0 need to upgrade at their end compulsorily, and the validators of the ETH 2.0 who do not cooperate could be penalized.