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. 1 min read
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.
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.
More For You
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
Top Stories
