Snapshot:
Ethereum has been breaking all of its previous records this week. In a matter of just two weeks, Ethereum has given the crypto community two all-time highs, breaking all past ETH records. Although this altcoin rally was anticipated after bitcoin prices surged recently (touching the $66000 mark), Ethereum has been performing amazingly well nevertheless. All the influencers bullish on Ethereum have been waiting for this day. However, the real question is, what made Ethereum soar the crypto sky this high? While few anticipate the bitcoin price surge being one of the main reasons, there are a few who give credits to the Altair upgrade of Ethereum for this terrific bullish week. Ethereum’s market cap has increased by 147% in the last week. ETH hit an all-time high of $4638.45 on November 3, 2021. Will the price rise continue? Will Ethereum touch $10,000 by the end of 2021? Will Ethereum Altair upgrade get more attention for the Ethereum blockchain system? We shall try to answer all these questions for you in this blog. But before we take a deep dive, let us understand what Ethereum is and what all upgrades it has undergone in the past.
- Ethereum’s London Hard Fork and Altair Upgrade
- Contribution of DApps and DeFi to ETH ATH 2021
- Ethereum price prediction 2021
Ethereum has been breaking all of its previous records this week. In a matter of just two weeks, Ethereum has given the crypto community two all-time highs, breaking all past ETH records. Although this altcoin rally was anticipated after bitcoin prices surged recently (touching the $66000 mark), Ethereum has been performing amazingly well nevertheless. All the influencers bullish on Ethereum have been waiting for this day. However, the real question is, what made Ethereum soar the crypto sky this high? While few anticipate the bitcoin price surge being one of the main reasons, there are a few who give credits to the Altair upgrade of Ethereum for this terrific bullish week. Ethereum’s market cap has increased by 147% in the last week. ETH hit an all-time high of $4638.45 on November 3, 2021. Will the price rise continue? Will Ethereum touch $10,000 by the end of 2021? Will Ethereum Altair upgrade get more attention for the Ethereum blockchain system? We shall try to answer all these questions for you in this blog. But before we take a deep dive, let us understand what Ethereum is and what all upgrades it has undergone in the past.
Ethereum London Hard Fork Upgrade
The Ethereum London Hard Fork Upgrade was a set of five proposals to improve the existing Ethereum blockchain system. The most important proposal of this was the EIP-1559. This EIP aimed at providing better speed for Ether mining and also enhanced the incentivizing system. Ethereum has no limit to Ether mining which makes this cryptocurrency inflationary. Miners are compensated by the transaction fees that users pay while using the blockchain protocol. One of the biggest advantages of the Ethereum London Hard Fork Upgrade is that it helps Ethereum to tackle numerous transactions in a second. This improvises the scalability of the Ethereum blockchain and thereby reducing the high gas fees that users had to pay generally. We have also done a detailed study on ETH 2.0 and London Hard Fork Upgrade. We would recommend you understand what this upgrade means for Ethereum before moving forward into the Altair upgrade of Ethereum.What is Ethereum’s Altair Upgrade?
Altair, the first mainnet upgrade of the Beacon Chain was scheduled for October 27, 2021. The Ethereum price has seen quite a surge after the release of the first mainnet of the Ethereum Altair upgrade. This upgrade is responsible for bringing light-client support to the core consensus, fixing issues regarding validator incentives, cleaning up the beacon state incentive accounting as well as setting up the punitive params according to EIP-2982. According to Ben Edgington, Lead product owner at ConsenSys Quorum protocol, the Altair ethereum upgrade was an administrative fork. Although validators might have to update their nodes, stakers and end-users will notice no major change. ETH 2.0 rollout started when the Beacon chain upgrade was implemented in December 2020 and this brought staking to the Ethereum ecosystem. The proof-of-work consensus saw its end when the Beacon chain proof-of-stake system merged with Ethereum’s mainnet. However, all the implementations will finally take place by the end of 2022. The impressive development team behind Ethereum has been constantly working to make Ethereum bulletproof and help its risk management activities.Contribution of DApps and DeFi to ETH ATH 2021
Decentralized applications (DApps) have also played a major role in the price rise of Ethereum and in helping it gain new heights. DApps are a growing movement of applications helping Ethereum to disrupt the business model or create new ones. Various DApps and Decentralized Finance (DeFi) projects are taking the world by storm. While few are disrupting the decentralized exchange market, others are revolutionizing the gaming sector. DApps and DeFi are not just contributing to the finance sector but are also deploying innovative technology into different sectors of marketing, advertisement, gaming, NFT, etc. The growing acceptance of DApps and DeFi has also contributed to ETH ATH in 2021.Timeline of Ethereum Upgrades
| Upgrade | Date |
| Phase 0- Beacon Chain | December 1, 2020 |
| London Hard Fork | August 5, 2021 |
| Ethereum Altair Upgrade | October 27, 2021 |