Ethereum Reaches $3,000 for the First Time in Two Years on MILLESTONE
The price of ether shot up to $3,000, the highest it has been in over two years. This rise coincides with conjecture that spot Ethereum exchange-traded funds (ETFs) could be approved in the United States as early as May 2024.
Not long after 10:00 P.M. EAT, the second-largest cryptocurrency by market capitalization peaked at $3,024.58 before beginning to decline. According to CoinGecko, Ether is currently trading at $2,995.67, up 2.4% over the last 24 hours and 14% over the last week.
Nearly 22 months have passed since Ether last traded above $3,000, in April 2022, as it was approaching its all-time high of $4,891.70, which was reached on November 16, 2021. After then, there was a protracted bear market, which caused the price to drop to $883 in June 2022.
The attention of the cryptocurrency market has switched to another storyline, the potential introduction of a spot Ether ETF in the United States, after the successful debut of spot Bitcoin ETFs in January 2024. In recent months, a number of well-known companies have filed applications for a spot ether ETF, including Franklin Templeton, BlackRock, and Fidelity.
Gary Gensler, the chair of the SEC, stressed in January 2024 that the agency’s approval of spot bitcoin ETFs was limited to that particular cryptocurrency and should not be seen as a wider endorsement. There are also more questions about whether spot Ether ETFs will be approved, especially considering Gensler’s assertion that cryptocurrencies other than bitcoin could be categorized as securities.
might be operating properly as a result of the network’s much awaited Dencun upgrade. The Dencun upgrade was just finished by developers on a testnet, and by March 13th, 2024, it is expected to be deployed on the mainnet.
Developers claim that Dencun will solve the network’s scalability problems, which are causing the second-largest cryptocurrency in the world to operate slowly and expensively at the moment. It is projected that the network will eventually be able to perform more than 100,000 transactions per second with this update.
