On Saturday, December 9, the second-largest cryptocurrency by market capitalization briefly surpassed the $2,400 mark for the first time since May 2022.
At the time of writing, the price had corrected to $2,360. Over the past week, Ethereum has risen by 13%. The asset’s market capitalization stands at $285 billion, according to CoinGecko.
All digital assets in the top 10 by market value are in the green zone. The biggest movers over the last seven days were Cardano (+60.2%) and Solana (+22.2%). The total cryptocurrency market capitalization is $1.72 trillion.
Bitcoin is trading near its annual high — around $43,900. On Tuesday, December 5, prices briefly tested $44,000. Bitcoin dominance index is 53.4%.
In addition to the overall revival in the crypto market, reasons for Ethereum’s rally may include filings with the SEC to launch spot ETF based on the asset’s price. In November such move was filed by asset manager BlackRock.
According to opinion of Hashdex analysts, the SEC will approve a spot Bitcoin ETF in the second quarter of 2024. The regulator will approve a similar instrument based on Ethereum, experts say.
Earlier, a Standard Chartered analyst predicted Ethereum to rise to $8,000 by the end of 2026.