Share this article
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 {{ETH}}, 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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."
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.
Більше для вас
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Що варто знати:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
