For the first time since April 2022, Ethereum (ETH) has reached the $3k milestone, signalling a bullish trend towards the second-largest cryptocurrency and its underlying blockchain. CoinMarketCap reports a growth of over 2% in ETH’s value in the past 24 hours and a remarkable surge of over 13% in the last seven days.
With this latest increase, Ethereum’s market capitalization has surpassed $355 million, constituting slightly over 18% of the total cryptocurrency market. Year-to-date (YTD), ETH has recorded a substantial 30% gain.
The ascent of Ether coincides with upward movements in Bitcoin (BTC) and the broader cryptocurrency landscape. Bitcoin has seen heightened demand following the approval by the U.S. SEC for spot BTC ETFs to trade on major national exchanges such as NASDAQ and CBOE.
Analysts suggest that the introduction of spot Bitcoin ETFs has acted as a catalyst for increased interest in the cryptocurrency markets overall. Data from TradingView supports this notion, showing that the cryptocurrency market cap has expanded by nearly 20% within the first two months of the year.