Ethereum, the world’s second-largest cryptocurrency by market cap, has surged past $3,800 for the first time since December 2021.
Since the market opened today, Ethereum has experienced a notable rally and continues to trade with strong momentum. Currently, the currency is trading just above $3,800, marking an increase of almost 2.6 percent in the last 24 hours and 9 percent since January 2024, according to data from CoinGecko released on Wednesday.
Ethereum also exceeded $466 billion in market cap earlier this week.
With Ethereum’s recent significant gains, investors are also drawn to its upcoming network upgrade scheduled to launch on March 13. This upgrade aims to enhance the Ethereum network and address scalability issues. Upon full integration, the network is expected to enable Ethereum to process over 100,000 transactions per second effectively.
Overall, the crypto markets have shown healthy gains since trading resumed on Monday morning. Bitcoin initially continued its upward trend from the weekend, reaching a new all-time high of $69,170 earlier today, surpassing the previous high set in November 2021. However, it later experienced a drop to $60,000, resulting in a 12 percent loss of its market cap before stabilizing at $63,515 at 12 PM PKT, as per CoinGecko data.
At the time of writing, BTC was trading at $66,575.
