Summary
TLDR: The price of Ethereum broke $4,000 as the crypto bull market continues, following Bitcoin’s new all-time high. Ethereum has been steadily climbing since February, reaching $4,000 today. The network recently completed the long-awaited ‘Merge’ transition to proof-of-stake. Despite some hurdles, including a recent market freefall, Ethereum’s market capitalization is currently $471 billion. The SEC delayed its decision on BlackRock’s Ethereum ETF, which could impact Ethereum’s price in the future.
Key Points
1. The price of Ethereum broke $4,000 today as the crypto bull market continues, with ETH trading above $3,900 since early in the morning on Friday before reaching $4,000 exactly for a 4.20% increase in the past 24 hours on Coinbase.
2. Ethereum returned to $4,000, a significant milestone not seen since December 2021, but is still 20% lower than its all-time high of $4,891 hit on November 15, 2021. The cryptocurrency underwent a crucial milestone in September 2022 when it completed its long-awaited ‘Merge,’ transitioning the network from proof-of-work to proof-of-stake.
3. Ethereum began its race to $4,000 on March 1 in preparation for the Dencun upgrade to the Ethereum blockchain on March 13, which will introduce new technical features and lower the cost of transacting on Ethereum scaling networks. Despite hurdles, including a market freefall on Tuesday, Ethereum currently holds a market capitalization of $471 billion.