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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.
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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."
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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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
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- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
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- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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