Ethereum surged to an all-time high on Friday morning, reaching US$4,400, with crypto-heads pointing to the positive impact of ongoing upgrades to the blockchain.
The second largest cryptocurrency (in terms of market cap) is on the front foot having rallied from the summertime lows of around US$1,780 in July.
Crypo-watchers say the recent movement can be attributed to the latest blockchain update, the Ethereum 2.0 Altair Beacon Chain, along with the ongoing, broader strength in crypto markets.
The latest Ethereum upgrade fixes issues with validator incentives, provides light-client support to the core consensus, as well as other issues.
Ethereum’s update, which took place on Wednesday, was deemed successful, with 98.7% of nodes (the computers connected to create and run the network) has now been upgraded, according to cointelegraph.
The Ethereum price is up some 1,000% compared to this time last year, with its market cap racing past US$500bln for the first time.
Commentators speculate Ethereum could reach US$5,000 by the end of the year, and more bullish long-term predictions see it rising to over US$50,000 by the end the decade.
