ETH, the native cryptocurrency of the Ethereum network, has surpassed the $3,000 mark for the first time since April 2022.
Ethereum soars with 13% over the week
With strong demand for the Ethereum network, in the past 24 hours, ETH has experienced an approximate 3.4% increase, with a notable 13% increase over the last week, overshadowing the performance of its counterparts Bitcoin, BNB, or Solana.
A good start to the year and the anticipation of an Ethereum Spot ETF
The cryptocurrency market, in general, has experienced an upward trend throughout this early year of 2024, with major tokens far exceeding their performances from the previous year. ETH, in particular, has seen a nearly 30% increase since the beginning of the year, surpassing Bitcoin’s respectable 22% lead.
This surge is not simply a reflection of market speculation but is deeply rooted in the growing anticipation among traders and investors for the potential approval of Ethereum Spot ETFs in the United States.
The prospect of approval of an Ethereum Spot ETF is seen as a hope to broaden the appeal of ETH, especially among institutional investors seeking conservative investment routes in the crypto space. This sentiment reflects the excitement surrounding the recent launch of Bitcoin Spot ETFs, which have already attracted significant investments.
