Ethereum takes its turn to shine

Ether is flying!

The native currency of the Ethereum blockchain is up by 7% on Friday to $4,444 at the time of writing following an upgrade on the network.

Ethereum has soared throughout October, climbing by 55% over the past month, taking its market cap above $515bn.

Fewer than two weeks after Bitcoin reached an all-time-high, investors have flocked to Ethereum as its upgrade to a proof-of-stake consensus model takes shape.

The Altair upgrade for Ethereum 2.0 was brought in on October 27 as the first mainnet upgrade to the Beacon Chain mechanism.

It is a key aspect of Ethereum’s move towards a proof-of-stake network having previously been proof-of-work.

It is hoped that it will make the network quicker, more secure and more environmentally friendly.

According to Tim Beiko, an Ethereum developer, the altair upgrade will give an indication of whether the Beacon Chain will work correctly.

"It means there's a slightly higher chance that things will go well for the [Eth2] transition next year," Beiko added.

The most part of the transition will take place next year.

In further Ethereum news, a CryptoPunk NFT was sold for more than half a billion dollars.

While the sale is breathtaking on the surface, it seems as though it may have been a prank, according to on-chain analysts.

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