Ethereum [ETH] reached a new all-time high earlier today on Tuesday, with a subsequent major update in its ongoing development – referred “Berlin” – scheduled for Wednesday, 14th April.
Ethereum price reached $2,230 USD on Tuesday, marking the very best dollar valuation the coin has achieved since its conception. The coin’s market capitalization exceeded $250 Bln for the primary time. For context, the market cap of Bitcoin [BTC] was at the same level just 6 months ago, later in October last year.
Ethereum’s 1,328% growth over the past year persisted despite major concerns regarding the ETH network’s transaction fees. Earlier in February, the typical Ethereum transaction fee hit an all-time high of $38.21 USD, consistent with data from Bitinfocharts, making ETH generally unsuitable as a transactional currency.
But investors apparently hold out some hope for a reprieve from Ethereum’s unwieldy fees, particularly within the sort of an upcoming network upgrade that will radically alter the way fees are paid. The “London” upgrade, scheduled for this summer, has drawn the ire of Ethereum miners, as it entails plans to burn a number of the fees that might normally be accrued by mining rig operators.
Wednesday’s Berlin upgrade is predicted to be less impactful within the short term but will pave the way for London and can make four major changes to the network as it stands. A full technical breakdown is often found on the official release page, but a spread of changes are going to be made to the blockchain to scale back costs surely transaction types. A new transaction envelope will also make it easier to package multiple transactions into one transfer.
It wasn’t the sole coin to succeed in a new all-time high earlier on Tuesday; Bitcoin also hit new heights as the BTC coin price surged to above $63k. Moreover, the coins immediately behind Bitcoin and Ethereum within the market cap rankings – Binance Coin [BNB] and Ripple [XRP] – also hit new all-time highs within the past 24 hours.