The ETH token led the altcoin rally to hit a fresh all-time high on Nov. 2, tokens like XRP, SOL, and DOT follow in suit as well.
ETH Poised to Grow Further
The Ethereum network’s native token, Ether (ETH), hit a new all-time high of $4,638.45 on Nov. 2, as per data from CoinMarketCap.
The new milestone for the token came soon after the network underwent the Altair upgrade on Oct. This upgrade was the first scheduled upgrade for the Beacon Chain marking the first major upgrade leading to the ETH2.0 Proof of Stake (PoS) network.
“I have my fair share of bitcoin, but I’m more of an Ethereum maxi. We’re seeing a rush where there’s a lot of different blockchains that are competing. When they start to put smart contracts to work, that’s when we’ll start to see things really level out. It’s going to come down to applications and integrations,” claimed the high renowned investor Mark Cuban in a recent episode of Next with Novo podcast.
The global investment banking giant, Goldman Sachs, predicted that ETH could surge 80% in the next two months to hit $8,000 in the next two months. The bank has predicted that the token could be reaching a “starting point of an accelerating rally.” However, the global bank also cautioned that it is unlikely that central banks will allow inflation to keep rising sharply and if the token continues to follow inflation expectations, then it is likely that the rally would be followed by a “longer-term market top ahead.”
Ethereum is the most utilized blockchain network for the deployment of decentralized applications (dApps) for various decentralized finance (DeFi) use cases. The network was conceived by Vitalik Buterin in 2013, its token is the second most prominent cryptocurrency with a market capitalization of $543 million, as per data from CoinMarketCap.
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Source : solana.news
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