The value of ETH has surpassed the $3,000 level for the first time since April 2022, marking a noticeable milestone for Ethereum. Yet, as the token reached heights that it had not seen in two years, just why has it propelled so highly? Indeed, the asset has been driven by several important developments.
Currently, ETH is trading at $2,920 and up almost 1% over the last 24 hours, according to CoinMarketCap. However, Ethereum had briefly surpassed the key $3K level earlier today during a noticeable surge. Moreover, the overall crypto market appears to be up, as Bitcoin has once again surpassed $52,000 as well.
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Ethereum: Why is ETH Up Today?
Since the start of 2024, the digital asset market has seen some very impressive performances from a host of cryptocurrencies. Leading the charge, as always, has been Bitcoin. Indeed, the most prominent digital asset has already ascended to a two-year high, situating itself firmly above $51,000 over the last week.
However, the second-largest cryptocurrency by market cap has also seen an impressive rally take place today. Indeed, ETH has surpassed the $3,000 level today for the first time since 2022, but why has Ethereum had such a massive improvement over the last 24 hours?
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Although it has not yet been able to sustain a position above $3,000, it did reach that level. Moreover, that ascension is likely due in part to the ongoing Ethereum Spot ETF anticipation. Since the landmark Spot Bitcoin ETF approval that took place earlier this year, the market has sought out what asset could receive the same treatment. Understandably, many looked to Ethereum.
Since the start of the year, Ethereum has been up as much as 30%. Moreover, the presence of an ETH ETF would bring new institutional investment to the ecosystem. However, many experts have already agreed that such an approval has a 50% chance of taking place this year.
Additionally, the asset has benefitted from both its readying Dencun upgrade and the market as a whole. Positive sentiment is abounding the industry, and that has been a massive benefit to many other cryptocurrencies. The next question is, just how high can Ethereum go on these various factors?