Ethereum (ETH) has roared past $2,000 for the first time in four months.
According to CoinGecko data the second-largest digital asset by market cap was trading for $2,030 at the time of writing—an 8% jump in the past 24 hours.
ETH hasn’t been this high since July 13. The asset has boomed with Bitcoin (BTC), the biggest coin in the space, which today hit an 18-month high.
While ETH hasn’t seen the same gains as BTC this year, it is still up significantly—by more 60% since January.
But like most coins and tokens, Ethereum still has a long way to go before it passes its November 2021 all-time high of $4,878.
Big investors are eying up ETH, though. A report by fund manager CoinShares on Monday said that crypto products related to ETH recently received their biggest inflows—$17.5 million in a week—since August of last year.
Ethereum and other major coins and tokens have seen a significant bump in value today as BTC jumps in price. The rally is likely linked to the chance that traditional investors may soon have access to the digital asset market via a spot Bitcoin exchange-traded fund (ETF).
Such a fund would give investors exposure to crypto via shares that track its price. Major investment firms have been applying to the U.S. Securities and Exchange Commission for a spot Bitcoin ETF for years only to face rejection.
But analysts at Bloomberg Intelligence said Wednesday that the SEC now has an eight-day window to approve all 12 Bitcoin ETFs filed by major Wall Street firms—including BlackRock—starting from today. This led to a rally in crypto prices.
Other than Bitcoin and Ethereum, other major altcoins are up significantly. Meme coin Pepe (PEPE), which launched earlier this year, is one of the best-performers, having notched up 23% in value in the past day. It’s currently trading for $0.00000141.
While out of the top 20 coins and tokens, Solana (SOL)—which is one of the top gainers over the past month—continued to rally: it’s up over 9% in the past day and is trading hands for $46.58.
Edited by Stacy Elliott.
