Ether (ETH), the native token of the world’s second most popular public blockchain, Ethereum, has surged in the past 24 hours, reaching price levels not seen since early October.
Having opened at $196.74, the digital coin spent the majority of the Tuesday session trying to recapture the $200 mark, but not quite managing to secure a decisive break above that barrier. The situation changed drastically in late trading, however, as ETH rallied to close the session at $217.15.
The coin extended its advance during today’s early trading and was able to top the $230 mark. The Ether price rose to as high as $232.62 during the morning session, which was its highest price level since October 1. The coin’s momentum has weakened in subsequent trading, but the coin has mostly managed to stay above $230.
Ether has been one of the best performing major coins over the past 24 hours. Meanwhile, the original cryptocurrency, Bitcoin (BTC), has had troubles sustaining its own rally in order to stabilise above the $8,000 mark. At the time of writing, the Bitcoin price was hovering around the 7,950 mark.
Ethereum’s co-founder Joseph Lubin recently expressed optimism about the future of the Ethereum network. In an interview with industry website Cointelegraph, last week, Lubin said that the Ethereum network would become a 1,000 time more scalable once Ethereum 2.0 has been released.
Also known as Serenity, Ethereum 2.0 refers to a collection of system updates and changes designed to make the network better and faster. The network upgrade is expected to introduce major changes to the blockchain, such as sharding and Layer 2 solutions similar to Bitcoin’s Lightning Network, as well as switch to Proof of Stake algorithm. It will essentially create a new chain that will be able to connect to the existing network. Lubin told Cointelegraph on Saturday that a fully operational Ethereum 2.0 testnet should be released in a few months.
In today’s trading, the Ether price stood at $230.49, as of 15:45 BST. The digital coin has gained 11.5% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $24.45 billion.
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