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thisCrowd - Audio Read
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The crypto market witnessed a remarkable surge as Ethereum, the second-largest cryptocurrency, shattered the $4,000 barrier in its own unique way. This achievement came hot on the heels of Bitcoin’s record-breaking ascent, which saw the premier digital currency surpass $70,000, signaling a continuation of the crypto bull market frenzy.
According to data from Coinbase, Ethereum had been trading above the $3,900 mark since early Friday morning before reaching the coveted $4,000 mark precisely—a 4.20% increase over the previous 24 hours. However, it subsequently retreated slightly to $3,943.
This latest surge can be traced back to the beginning of February when Ethereum’s price embarked on a steep climb from around $2,300, reaching the $3,000 milestone just three weeks later.
While Ethereum’s return to the $4,000 level is undoubtedly a significant achievement—a price point it hasn’t seen since December 2021—the cryptocurrency still remains 20% lower than its all-time high of $4,891, which it attained on November 15, 2021.
Another crucial milestone occurred in September 2022 when Ethereum successfully completed its long-awaited ‘Merge,’ transitioning the network from a proof-of-work to a proof-of-stake algorithm. In the weeks following the Merge, Ethereum traded at around $1,300.
The number one proof-of-stake blockchain began its race to $4,000 on March 1 as the network prepared for the Dencun upgrade to the Ethereum blockchain, scheduled for March 13. Once completed, this upgrade will introduce new technical features and lower the cost of transacting on Ethereum scaling networks.
