For the first time in nearly two years, Ethereum’s ether has surpassed the $3,000 threshold.
This event marks a momentous occasion for the crypto world, placing Ethereum only behind Bitcoin in market value.
The rise to $3,001, followed by a slight decrease to $2,956, showcases a year-long growth of 22.46%.
This increase mirrors the market’s optimism, especially with the awaited Dencun update and the potential approval of spot ether ETFs.
João Galhardo from Mynt underlines the importance of ether reaching this price, indicating the market’s anticipation of significant forthcoming events.
The Dencun upgrade, expected to streamline transactions and lower gas fees, is among these events.
Eric Balchunas of Bloomberg gives a 70% chance for the approval of a spot ETF by May.
The SEC’s review of applications from VanEck, Ark Invest, 21Shares, and Hashdex adds to the anticipation.
Ether’s last touch on $3,000 in May 2022 heralded the “crypto winter,” which saw a drastic price drop. However, looking toward 2024, the sentiment is optimistic.
Bernstein analysts believe Ethereum could become a favorite among institutional investors, suggesting a bright future for Ethereum’s technology and its role in the crypto ecosystem and beyond.
This rise not only signifies a recovery from past lows but also points to Ethereum’s growing influence and the potential for wider acceptance in the financial sector.
The integration of advanced technology and the anticipation of regulatory milestones are pivotal for Ethereum’s journey ahead.