At a time when the cryptocurrency market is booming, Ethereum rekindled excitement by surpassing the US$4,000 mark, a feat that had not been seen since December 2021. This remarkable recovery occurred in a context where Bitcoin was also celebrating a new record, surpassing US$70,000.

The appreciation of Ethereum, specifically, is part of an upward trajectory that began in February, with the cryptocurrency’s price soaring from around US$2,300 to surpass the US$4,000 threshold, before adjusting slightly to US$3,943 in Coinbase platform. At the time of publication, the price of ETH was quoted at US$3,957.75 with an increase of 3% in the last 24 hours.

This triumphant return to around US$4,000 is an important milestone for Ethereum, which is still 20% below its historic peak of US$4,890, recorded in November 2021. The journey to this point was not just driven by trends market, but also due to significant technological advances in the Ethereum network.

This recent value boost was catalyzed by the lead-up to the Dencun upgrade on the Ethereum blockchain, scheduled for March 13, which promises to introduce technical improvements and reduce transaction costs.

Currently, Ethereum boasts a market capitalization of a staggering $471 billion. Hopes for approval of an Ethereum ETF in the United States, fueled by the recent approval of Bitcoin ETFs by the US Securities and Exchange Commission, also contribute to the positive outlook surrounding the cryptocurrency. Predictions from Standard Chartered suggested that such ETFs could drive the price of ETH to $4,000, a mark that Ethereum, however, reached on its own merit.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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