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Ethereum price rises to all-time high before Berlin hard fork

The total market capitalization of Ether is currently hovering above the A $ 340 billion mark.

  • Ether currently has biweekly gains in excess of 25%
  • The latest Berlin upgrade is set to address some of Ethereum’s pressing problems with network congestion and high transaction fees.
  • Experts believe Ether will continue to rise in the near future, especially as many highly anticipated network upgrades continue to be rolled out.

Ether was at the end in the past 24 hours, with the leading altcoin rising from A $ 2,800 to A $ 3,020. Additionally, ETH has posted gains of nearly 10% over the past week. At the time of going to press, the currency is trading at AUD 3,010.

This latest surge in value comes just hours before a major upgrade – dubbed “Berlin” – that is slated to take place across the Ethereum network. The update aims to help reduce the processing costs associated with certain types of transactions (tx) by allowing multiple TXs to be packaged in a single unit, which enables more efficient data sharing within the ETH ecosystem.

In addition, Berlin will pave the way for “London”, another major network overhaul (including EIP 1559) that is due to go live a few months later in July.

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The continuing rise of ether explained

Commenting on Ethereum’s continued rise, Antoni Trenchev, co-founder and managing partner of Nexo, a regulated digital assets institution, told Finder that despite congestion and scalability issues, Ether currently has solid support of $ 2,000, but the network needs Berlin and London Upgrades for its amazing performance to continue, adding:

Fortunately, the Ethereum developer community is not watching the grass grow under their feet. With the release of EIP 1559 coming to alleviate problems in the chain, we are likely to see more rallies, although that will likely only be a small increase compared to the rally is ready when Ethereum 2.0 strikes. “

Additionally, he suggested that the broader ramifications of ETH success bode well for altcoins in general, as an affirmation of any kind for Ether can be seen as an affirmation of the potential of the blockchain and all of the companies built using that technology.

Similarly, David Schwartz, project manager at Hermez, a decentralized zk rollup that focuses on scaling payments and token transfers on the Ethereum network, pointed out to Finder that the future of ETH looks bright, especially with many Network updates and Layer 2 integrations looming on the horizon. And while there may be some volatility, he is confident that the Ethereum network will stand the test of time and continue to grow and innovate. Schwartz stated:

“There’s a reason Ethereum is overloaded: people are actually using it. High gas fees are evidence of the demand for Ethereum as a settlement layer. Given the size of the transaction and the number of developers working on updating the code, Ethereum is and will likely remain the Layer 1 king. “

Forecast for future GPU sales looks good

According to gaming hardware maker Nvidia, the company is quite optimistic about future tax prospects. Nvidia’s market performance has expanded to the GPU manufacturing wing as well, with the unit more than tripling its revenue estimate for the first quarter of its crypto mining offering – known as the CMP – (from $ 50 million to about $ 150 million).

In this regard, Colette Kress, Nvidia’s executive vice president and chief financial officer, announced that the company is fairly optimistic about the future when it comes to manufacturing high quality GPUs, given the growing digital asset market. On this subject, Kress was further quoted as saying:

“Aggregate demand remains very strong and continues to outperform supply, while our canal inventories remain fairly meager. We expect demand will continue to outperform supply for much of this year.”

After all, Nvidia’s tripling of crypto mining equipment only shows the increasing demand for such equipment. For example, mining company Hut8 announced just last month that it had purchased Nvidia’s $ 30 million GPU hardware – an estimated 60% of Nvidia’s original CMP estimate.

looking ahead

As for the evolution of the crypto market, Schwarz believes it is highly unlikely that we will ever see a “one-system-fits-all” scenario when it comes to blockchain technology, and one in the years to come large number of decentralized platforms run in parallel instead of competing with each other. He added:

“In contrast to the maximalist views of Ethereum, there is room for competitors like Binance Smart Chain or Solana. Neither of these networks will “kill Ethereum”, but neither will Ethereum kill them. The future is likely to be a multichain landscape, with Ethereum dominating and other networks carving their own niches. “

Varun Satyam, co-founder of Bitlumex, a PR news broadcaster for blockchain and crypto products, believes Ether has transformed into the digital currency that developers around the world prefer for a variety of reasons – including usability, smart contract features, etc. In Regarding what the future could hold for Ether in monetary terms, he said:

“At the moment, ETH is in the accumulation phase, so there may be sudden price increases in the future. It will be the same as when BTC hovered around 20k and then rose to 50k in no time, ”he added.

Finally, Satyam believes that ETH is now the core transaction layer of the crypto world and it will take at least 2-3 years to replace the network with another platform, especially since most other networks are not yet facing any real challenges related to scalability.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, delve deeper by learning about Ethereum, and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a number of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as endorsing the cryptocurrency or any particular provider, service or offer. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve considerable risks – they are very volatile and sensitive to secondary activities. Performance is unpredictable and past performance is no guarantee of future performance. Take into account your own circumstances and seek your own advice before relying on this information. You should also review the nature of a product or service (including its legal status and relevant regulatory requirements) and check the websites of the relevant regulators before making a decision. The finder or the author may have holdings of the discussed cryptocurrencies.

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