Breaking News: Ether Skyrockets to $4K, Surpassing All Predictions in Over 2 Years!

The value of Ether (ETH), ‍the second-largest cryptocurrency, surpassed $4,000 on Friday for the first time in over two years.

Along with its surge in value, Ether has been making headlines over the past ⁢few months alongside market leader Bitcoin, which reached ​record highs on​ March 5. The last time Ether was ​valued this high was on December 28, 2021.

Ether’s recent performance has outpaced that of Bitcoin, with a 67% increase in the past‌ 30 days compared to Bitcoin’s 57%. Even the broader crypto market, ‍as measured by the CoinDesk 20 ​Index, saw a 53% jump during this time period.

The catalyst for Ether’s rise is attributed to market speculation regarding the approval of a spot Ether exchange-traded fund (ETF) in the United States. A regulatory decision on this matter is anticipated in May. Previously, spot Bitcoin ETFs were approved in January and have seen significant net​ inflows.

While there is uncertainty surrounding the ⁢approval of a spot ETF for Ether, Bitwise analysts believe​ that it is⁣ likely to happen “sooner or ⁣later.” According to them, the ‍chances⁣ of approval are between 50%-60%, suggesting that even⁢ if not approved immediately, it is still⁢ likely to ‌happen in the ‌future.

The upcoming Dencun‌ upgrade of the Ethereum blockchain, scheduled for March 13, has also been a contributing factor to Ether’s rise in value. The upgrade‌ is expected to​ result in lower transaction fees for users of layer-2⁣ networks, making the token more attractive to investors and users ‍alike.

Edited by Sheldon Reback and ​Nikhilesh De.

Ether ‍(ETH), the second-largest cryptocurrency by market value, ​reached a⁢ new milestone on Friday‌ as its value surpassed $4,000 for the‌ first time in more than two years.

The impressive climbing of‌ this cryptocurrency parallels that of bitcoin,⁣ which also reached record highs on March 5. Prior to this surge, the last time ether was priced‌ at $4,000 was on December 28,‌ 2021.

Ether has surpassed bitcoin in terms of ⁤performance in the past‍ month, with ⁢a 67% ‍increase compared to bitcoin’s 57%. Even the broader crypto market, as represented by the CoinDesk 20 Index, ⁤saw a 53% growth during this⁢ period.

The surge in ‌ether’s ⁤value has been attributed to speculation surrounding the approval of a spot ether exchange-traded fund (ETF) in the United⁤ States. An announcement on ⁣this is expected in May. Similar to spot bitcoin ETFs that were approved in January, large inflows are⁣ expected into spot ether ETFs ​upon approval.

However, there is still uncertainty over whether a spot ETF for ether will be approved. Bitwise analysts believe that it may be approved “sooner or later” with a 50%-60% chance of approval. This suggests that even if not approved immediately, it is likely to happen in the future.

The upcoming Dencun upgrade of⁣ the Ethereum ‍blockchain, scheduled for March 13, is​ also contributing to the rise in value of ether. The upgrade is expected to result in lower transaction⁤ fees for users of layer-2 networks, making the token more appealing to⁤ investors and users.

 

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