On Saturday, December 9th, the price of the second-largest cryptocurrency by market capitalization suddenly surged above $2400, marking the first time since May 2022.
At the time of writing, the price has decreased to $2360. Over the past seven days, Ethereum has seen a 13% increase. According to CoinGecko data, the market capitalization of this cryptocurrency stands at $285 billion.
All digital assets in the top 10 by market value are in the "green zone." The biggest growth in the past week was demonstrated by Cardano (+60.2%) and Solana (+22.2%). The total cryptocurrency market capitalization is $1.72 trillion.
Bitcoin is approaching its annual maximum, trading at $43,900. On Tuesday, December 5th, the price of the digital cryptocurrency reached $44,000. The Bitcoin dominance index is 53.4%.
In addition to the overall increase in activity in the cryptocurrency market, the rise of Ethereum may be attributed to applications submitted to the SEC for the creation of ETFs based on the current value of this cryptocurrency. In November, BlackRock, an asset management company, submitted a similar application.
According to analysts at Hashdex, SEC may approve ETFs based on the current value of Bitcoin in the second quarter of 2024. Experts also believe that the regulator may approve a similar instrument related to Ethereum.
In October, an analyst from Standard Chartered predicted that by the end of 2026, the price of Ethereum would reach $8000.
