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ETH Smashes Past $4,000 to Set All-Time High

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ETH Smashes Past $4,000 to Set All-Time High

ETH, the world’s second largest cryptocurrency by market capitalization, has smashed past $4,000. 

Its latest all-time high concludes a week of remarkable growth. On Monday, the price rallied to $3,000. The next day it struck $3,500, and it’s been rising ever since. 

With a market cap of around $460 billion, ETH still plays second fiddle to BTC. However, it’s possible that this may change. 

While BTC is a form of digital cash, ETH is digital cash and more. Its blockchain enables the creation of a world of decentralized financial services through its pioneering use of smart contracts—self-enforcing bits of computer code. 

Thanks to ETH’s smart contracts, decentralized finance (DeFi) services have exploded over the past year. Olaf Carlson-Wee, founder of Polychain Capital, estimates that about $75 billion is locked up in decentralized autonomous organizations that govern the industry.

Good news in the ether

The biggest news for ETH this week came on Friday, when asset management firm VanEck filed a proposal for an ETH exchange-traded fund with the U.S. Securities and Exchange Commission. 

ETFs are financial instruments that let investors invest in assets without buying them directly. They’re a cheap and regulated way for investors to buy cryptocurrency on the stock market. That draws in a crowd of wealthy financial institutions who won’t touch crypto exchanges. 

This year, four ETH ETFs launched in Canada. The first three were launched by Purpose in mid-April, Evolve and CI Global Asset Management. They reached $138 million in trading volume in their first week. The same three companies launched successful Canadian BTC ETFs earlier this year. A fourth Canadian ETH ETF was launched by 3iQ at the end of last month. 

There’s also growing anticipation around ETH 2.0. The upgrade to ETH promises to be faster, cheaper and less environmentally damaging. The current version of the ETH blockchain will merge with version 2.0 later this year.

Ether’s grass gets greener every day.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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