With Bitcoin (BTC) setting records in 2024, Ethereum seems to follow a close second, as the cryptocurrency has gone past the $3,800 level. From what it’s understood, the cryptocurrency last clocked its record level in January 2022.
As of March 6, 2024 (5.13 pm, Indian Standard Time), at the time of filing, Ethereum was trading close to the $3,900 level, recording a nearly four percent increase in market capitalisation and an approximately 61.25% increase in 24-hour trading volume, as stated by CoinMarketCap, a crypto-price tracking website. The website mentioned its market capitalisation to be around $465 billion and 24-hour trading volume at a little above $51 billion.
It’s believed that this hike in price is attributed to the potential approval of spot Ethereum exchange-traded funds (ETFs), which can take place in May 2024. However, in recent developments, a regulatory filing revealed that the US Securities and Exchange Commission made the call to postpone the spot Ethereum ETF application belonging to BlackRock, an investment management company. Reportedly, BlackRock made the filing for its iShares Ethereum Trust application in November 2023.
