Why Ethereum (ETH) Price is Up Today?

The post Why Ethereum (ETH) Price is Up Today? appeared first on Coinpedia Fintech News

Ethereum (ETH), the leading layer one (L1) blockchain with over $32 billion in total value locked (TVL), has registered notable growth in the recent past, amid the spot Bitcoin exchange-traded funds (ETFs) frenzy. In the past five days, Ethereum’s price has surged more than 16 percent to reach a new two-year high of around $2,610 during the early Asian session on Thursday.

Following the 10 percent spike in the past 24 hours, Ethereum’s daily average trading volume has surpassed that of Bitcoin by a significant margin. According to the latest market data, Ethereum has an average trading volume of about $45 billion compared to $40 billion for the flagship coin. 

Top Reasons Why Ethereum Price Surged 

Spot ETF Frenzy

The approval of 11 spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) has dramatically paved the way for mainstream adoption of web3 industry and digital assets. However, Ethereum stands to be the biggest winner, especially after BlackRock, the largest fund manager with nearly $10 trillion in Assets Under Management (AUM), filed for spot Ether ETF in November last year. Notably, the US SEC already approved the Ether futures ETP, thus making the approval rate of spot Ether ETF more likely in the near future.

Increased Ether Demand from Whale Traders 

In the past 24 hours, Ethereum has attracted notable attention from crypto traders as depicted by the high daily average trading volume. Notably, several whales have been spotted on an ETH buying spree, thus fueling the altcoin’s bullish outlook.

Favoring Technical Aspects

With Bitcoin having registered significant gains in 2023, crypto cash rotation is imminent before the fourth halving happens in April. Notably, the ETH/BTC weekly chart has shown a notable rebound, thus suggesting the onset of the much-anticipated altcoin season.