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Ether Hits $4K for First Time in More Than Two Years
The second-largest cryptocurrency last surpassed that level in December 2021.
Updated Mar 8, 2024, 10:54 p.m. Published Mar 8, 2024, 3:34 p.m.
Ether , the second-largest cryptocurrency by market value, hit $4,000 for the first time in more than two years on Friday.
The cryptocurrency had been climbing over the past few months alongside bitcoin, which reached record highs March 5. The last time ether was this high was Dec. 28, 2021.
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Ether has outperformed bitcoin over the past 30 days, climbing 67%, while bitcoin rallied 57% and the CoinDesk 20 Index, a gauge of the broader crypto market, added 53%.
Ether has been rising on speculation of a spot ether exchange-traded fund (ETF) approval in the U.S. A regulatory decision is expected in May. Spot bitcoin ETFs were approved in January and have witnessed billions in net inflows.
The odds for approval of a spot ETF are not as clear for a spot bitcoin ETFs, according to Bitwise analysts. The analysts gave a 50%-60% chance of approval, saying it will happen "sooner or later."
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The Ethereum blockchain's Dencun upgrade, scheduled for March 13, has also buoyed the token. The upgrade is expected to result in lower fees for users of layer-2 networks.
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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