People want to buy Ethereum! As we pen this, Ethereum has broken the $3800 barrier for the first time in a considerable number of years, symbolically outpacing Mastercard on the ranking list of the globe’s most valuable assets. Ethereum has witnessed a surge of over 8% in the past day, thereby increasing its market capitalization by an impressive 30$ billion. Provided the stock price of Mastercard remains static, Ethereum would need to maintain a price point of roughly $3665 or higher to continue boasting a market capitalization superior to the payment behemoth.
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It’s intriguing to note that when Bitcoin was previously valued within the $67-68,000 range in November 2021, Ethereum was priced above $4850, marking an all-time high. Accounting for Ethereum’s inflation, the market capitalization from November 2021 would equate to an Ethereum price of approximately $4750 today.
Despite Bloomberg ETF-analyst James Seyffart’s February prediction of continued uncertainty until May regarding potential spot Ethereum ETFs, Ethereum’s value has ascended. His colleague, Eric Balchunas, expressed scepticism over the weekend about the popularity of Ethereum spot ETFs compared to their Bitcoin counterparts. Balchunas stated: “… but tbh and no offense to the eth ppl but this is such small potatoes vs spot Bitcoin ETFs. It’s like the opening act coming on after the headliner.”. Thus, Balchunas suggests tempering expectations regarding the volume and inflow to spot Ethereum ETFs, assuming they receive approval.
We wrote an article on Ethereum’s trajectory during the first week of the year. Since then, the price has soared by an approximate 70%, signifying a remarkable appreciation in value.
This text is intended to inform and is not an investment recommendation.
Best regards,
Adam Jakobsen.
NBX.
