Ether Trades Above $3k for the First Time Since 2022

TL;DR

• Ether broke another yearly high on Tuesday after adding more than 2% to its value.

• The rally comes as spot Ethereum ETF speculation increases.

ETH Hits $3k as ETF Speculation Increases

Ether, the second-largest cryptocurrency by market cap, has been performing well over the last couple of days. It has rallied by more than 12% in the last seven days, outperforming Bitcoin and the broader crypto market in the process.

Thanks to this positive performance, ETH has topped the $3k level for the first time since 2022. It added nearly 2% to its value on Tuesday to reach a yearly high of $3,029. At press time, ETH has slightly declined and is now trading at $2,975 per coin.

The rally comes amid speculation that spot ether exchange-traded funds could be approved in the coming months. 

The United States Security and Exchange Commission (SEC) already approved 11 spot Bitcoin ETFs last month. Now market experts are optimistic that the SEC would approve spot Ethereum ETFs. So far, BlackRock, Fidelity, and a few other fund managers have filed to list spot Ether ETFs. 

Despite Ether performing well in the last 24 hours, BTC has been underperforming. BTC is down by less than 1% and continues to trade below the $52k mark. Meanwhile, the total crypto market cap remains at $1.97 trillion.