Ethereum Hits New All-Time High After New Proof-of-Stak Stake Upgrade

Today, the price of the second-largest cryptocurrency by market capitalization has hit a new all-time high of $4,400.64 as it keeps on recovering from its drop below the $2,000 mark in July of this year.

Ethereum’s price may have hit a new high following the Altair Beacon Chain update that was successfully launched on the network after 98.7% of nodes upgraded to it. The Altair upgrade to the Beacon Chain marks another step taken toward the network’s transition to a Proof-of-Stake (PoS) consensus algorithm.

The cryptocurrency’s price has also been rising thanks to the boom in decentralized finance and non-fungible tokens on top of its network, as demand for these products leads to higher demand for ETH transactions, paid for in ether.

The daily issuance of Ethereum has, on a few occasions, gone negative thanks to the network’s EIP-1559 upgrade. The upgrade changed Ethereum’s monetary policy by burning part of the transaction fees in every new block that previously belonged to Ethereum miners in an effort to alleviate the fees for network users.

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