The price of Ethereum has surged to a new all-time high over the past 24 hours, possibly fueled by the Altair upgrade.
On Tuesday, the second-largest cryptocurrency by market cap rallied towards $4,300 before dropping to $4,000. However, the network underwent its third upgrade in seven months yesterday, resulting in a renewed bullish run.
According to data on CoinMarketCap, Ethereum set a new all-time high of $4,449 on Friday. As of press time, the leading altcoin was exchanging hands at $4,369.
The Altair upgrade, which arguably inspired the bull run, is yet another step towards implementing Ethereum 2.0.
Back in August, the network deployed the London Upgrade. Ethereum’s average usage in terms of daily gas spiked by around 9% after the upgrade, BTC PEERS reported.
Meanwhile, Ethereum traders are quite optimistic that the asset will extend its bullish run.
According to Bybt, more than $1.2 billion in ETH options are set to expire by Friday, and over half of the predictions on the future value of the asset were in favor of it surpassing $4,500.
If it eventually comes to that, it would be yet another record for the cryptocurrency that has already broken several records this year.