Ether (ETH), the second-largest cryptocurrency by market value, hit $4,000 for the first time in more than two years on Friday.
The cryptocurrency had been climbing over the past few months alongside bitcoin, which reached record highs March 5. The last time ether was this high was Dec. 28, 2021.
Ether has outperformed bitcoin over the past 30 days, climbing 67%, while bitcoin rallied 57% and the CoinDesk 20 Index, a gauge of the broader crypto market, added 53%.
Ether has been rising on speculation of a spot ether exchange-traded fund (ETF) approval in the U.S. A regulatory decision is expected in May. Spot bitcoin ETFs were approved in January and have witnessed billions in net inflows.
The odds for approval of a spot ETF are not as clear for a spot bitcoin ETFs, according to Bitwise analysts. The analysts gave a 50%-60% chance of approval, saying it will happen “sooner or later.”
The Ethereum blockchain’s Dencun upgrade, scheduled for March 13, has also buoyed the token. The upgrade is expected to result in lower fees for users of layer-2 networks.
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