Ether Reaches $4K After Two Years

On Friday, the value of Ether, which is the second-largest cryptocurrency in terms of market value, reached $4,000 for the first time in what has been more than two years.

Alongside bitcoin, which achieved new all-time highs on March 5, the cryptocurrency had been steadily increasing over the course of the preceding few months. The previous time that ether reached this level was on December 28th, 2021.

Over the previous thirty days, ether has surpassed bitcoin, increasing by 67%. Bitcoin, on the other hand, has increased by 57%, while the CoinDesk 20 Index, which is an indicator of the whole cryptocurrency market, has increased by 53%.

Speculation that a spot ether exchange-traded fund (ETF) will be approved in the United States has led to an increase in the price of ether. 

In the month of May, a regulatory decision is anticipated. Since its approval in January, spot bitcoin exchange-traded funds (ETFs) have seen net inflows of billions of dollars.

As far as Bitwise analysts are concerned, the likelihood of a spot exchange-traded fund (ETF) being approved is not as apparent for a spot bitcoin ETF

A fifty percent to sixty percent possibility of acceptance was given by the analysts, who stated that it will take place "sooner or later."

The coin has also been boosted by the Dencun upgrade to the Ethereum network, which is slated to take place on March 13. Users of layer-2 networks are anticipated to experience a reduction in fees as a consequence of the upgrade.