Ether’s price surged to $3,000, marking its highest point in nearly two years. This increase comes amidst speculation that spot Ether exchange-traded funds (ETFs) might receive approval in the U.S. as soon as May 2024.
#ETH just crossed $3,000 🫡 pic.twitter.com/7fUSDjgpKY
— Binance (@binance) February 20, 2024
The second-largest cryptocurrency by market cap reached a peak of $3,024.58 shortly after 10.00 P.M. EAT before retracing. Currently, Ether is trading at $2,995.67, according to CoinGecko, reflecting a 2.4% increase over the past 24 hours, a 14% surge over the past week.
The last time Ether traded above $3,000 was nearly 22 months ago, in April 2022 on its way from its all-time high of $4,891.70 which was recorded on November 16, 2021. This was followed by a prolonged bear market during which its price plummeted to $883 in June 2022.
Following the successful launch of spot Bitcoin ETFs in January 2024, the focus has shifted to another narrative in the crypto market the possibility of a spot Ether ETF in the U.S. Several prominent firms, including Fidelity, BlackRock, and Franklin Templeton, have submitted applications for a spot ether ETF in recent months.
In January 2024, SEC Chair, Gary Gensler, emphasized that the agency’s approval of spot bitcoin ETFs was specific to that single cryptocurrency and should not be interpreted as a broader endorsement. Additional uncertainties persist regarding the approval of spot Ether ETFs, particularly in light of Gensler’s position that cryptocurrencies other than bitcoin may be classified as securities.
ETH, which has seen a resurgence in staking, could also be performing well due to the highly anticipated Dencun upgrade on the network. Developers recently completed the Dencun upgrade on a testnet, and it is anticipated to be implemented on the mainnet by March 13 2024.
According to developers, Dencun will address the scalability issues of the network supporting the world’s second-largest cryptocurrency, which is currently slow and costly. With this upgrade, it is anticipated that the network will have the potential to process over 100,000 transactions per second in the future.
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