Ethereum Price Tops $4,000 For the First Time Since March, ATH Next?
The post Ethereum Price Tops $4,000 For the First Time Since March, ATH Next? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) price has crossed the $4,000 mark. The surge leaves Ethereum about $670 away from its all-time high (ATH) of $4,666 recorded in November 2021. Ethereum Price Journey to $4,000 Data from the market shows that before Ethereum crossed the critical $4,000 level, it had fluctuated wildly per its volatility. In Thursday trading, ETH plunged to a low of $3,753. However, the altcoin soon began rebounding to the $3,900 level. It dipped again below the support level before crossing the critical psychologically important level. As of this writing, Ethereum’s price was trading at $4,063.15, up by 5.81% in 24 hours. As bullish sentiment remains high, the market volume spiked by 2.20% to $59.47 billion. Meanwhile, Ethereum’s market capitalization soared to $489 billion, reflecting a growth of 5.55% in the last 24 hours. – Advertisement – The notable jump in the price of Ethereum above $4,000 trails Bitcoin’s historic cross over $100,000. This development signals the growth of the altcoin in the ongoing bullish run in the broader market. Market Momentum and Institutional Interest Experts have attributed Ethereum’s success to several market factors, including the activities of institutional players. Since July 2024, corporate investors have embraced the asset following the regulatory approval from the U.S. Securities and Exchange Commission (SEC) for the spot Ethereum ETF. Although growth has been measured, spot Ethereum ETF has also recorded significant milestones. Notably, data from Farside Investors show that on November 29, Ethereum ETFs outperformed Bitcoin ETFs regarding net flows. This marked the first time Ethereum ETFs will surpass Bitcoin ETFs. Interestingly, only three products accounted for the inflow of $332.9 million. They were BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s ETH, with inflows of $250.4 million, $79.1 million and $3.4 million respectively. Meanwhile, on November 29, Bitcoin ETFs registered $320 million in net inflows.…
Filed under: News - @ December 7, 2024 10:25 am