BasEx | Ethereum Price Tests $2400 Level - Detailed Analysis
Ethereum Price Tested the $2400 Level
10.12.2023
Ethereum Price Tested the $2400 Level

On Saturday, December 9, the quotes of the second-largest cryptocurrency by market capitalization momentarily exceeded the $2400 mark for the first time since May 2022.

Over the past week, Ethereum has increased in value by 13%. The asset's market capitalization is $285 billion.

All digital assets in the top 10 by market value are in the "green zone". Cardano (+60.2%) and Solana (+22.2%) have shown the most significant growth over the past seven days. The total market capitalization of cryptocurrencies is $1.72 trillion.

Bitcoin is trading near its annual high at around $43,900. On Tuesday, December 5, Bitcoin's quotes tested the $44,000 mark. Bitcoin's dominance index is 53.4%.

In addition to the general revival of the cryptocurrency market, the reasons for Ethereum's growth could be applications to the SEC for launching ETFs based on the asset's spot price.

Analysts believe that the SEC will approve a spot Bitcoin ETF in the second quarter of 2024. The regulator is expected to approve a similar tool based on Ethereum, experts believe.

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