Business News Asia
Ethereum reaches a new high with about 43% growth since October and keeps its value in the $4,000 range. The continuous increase in the value of the world’s second largest cryptocurrency leads to an increase in network activity as well.
Ethereum is currently at $4,756 and is up about 3% in the last 24 hours.
Ethereum network address activity increased by 48% in October. This reflects Ethereum’s role in the crypto ecosystem, the blockchain used to build thousands of decentralized applications (dApps).
Within the Ethereum network, DeFi domains and NFTs are among the fastest expanding sectors. Both products led to capital flows into the Ethereum network, which is reflected in a higher market capitalization.
Ethereum’s important system development
Ethereum’s EIP 1559, launched in August, is a system upgrade to make it faster and more energy efficient. The upgrade burns out some of the fees paid to miners, which reduces the functional net output of network usage.
Including upgrades to risk-proof protocols. What the network is experiencing at the moment is an influx of new users who want to make money from commerce.
Additionally, there was an upgrade to the Altair Beacon Chain that updated 98.7% of the load during launch.
Ethereum 2.0 upgrade
The value of ETH2.0 contracts reached an all-time high of $20.7 billion. This is seen as an important step for the further growth of Ethereum.