[Bitcoin Now] Ethereum Surpasses $4,000 for the First Time This Year

Ethereum, the second-largest cryptocurrency by market capitalization, surpassed the $4,000 mark for the first time this year.

According to Coinbase, a U.S. cryptocurrency exchange, as of 6:58 p.m. Eastern Time on the 8th, the price of one Ethereum was trading at $4,025, up 3.28% from the previous day.

Yonhap News Agency

This is the first time since December of last year that Ethereum has exceeded the $4,000 level. In comparison, at the same time, Bitcoin, the largest cryptocurrency by market capitalization, was down 0.54% at $116,904.

The price of Ethereum has soared by about 200% from its low in April, approaching its all-time high of around $4,800 set in November 2021.

This surge is attributed to a sharp increase in investment inflows into spot Ethereum exchange-traded funds (ETFs) and large-scale purchases by corporations.

According to Bloomberg News, more than $6.7 billion has flowed into the nine spot Ethereum ETFs listed in the United States so far this year, and this upward trend is analyzed to be in line with a broader reallocation of funds across the digital asset market.

Ripple, the third-largest cryptocurrency by market capitalization, was down 0.02% at $3.29. Ripple has been engaged in a lawsuit with the U.S. Securities and Exchange Commission (SEC) over whether it should be classified as a security, but after deciding to withdraw its appeal the previous day, it is now considered that the lawsuit, which dragged on for more than four years, has effectively ended.

Solana and Dogecoin were trading at $177 and $0.23, up 2.13% and 4.14%, respectively.