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ethereum hit $4,000 for the first time since December 2021 as the market saw a rally.
This occurred as the cryptocurrency market experienced another bullish surge, raising the market capitalization to $2.7 trillion. However, the rally was short-lived, and ethereum price retreated to $3,900 shortly after, as traders quickly locked in their profits.
eth's price movement aligns with broader bullish sentiment in the market. Despite the enthusiasm, ethereum ethereum/” data-type=”link” data-id=”https://coinmarketcap.com/currencies/ethereum/” target=”_blank” rel=”noopener”>trading volume Today it has only increased 10%. This suggests that long-term investors are choosing to hold on to their assets.
Notably, bitcoin also hit a new all-time high of $70,000.
Additionally, ethereum-based meme coins such as Shiba Inu have seen impressive gains, with SHIB jumping over 150% weekly.
The excitement around ethereum is partly due to the anticipation of the next Dencun upgrade, which will launch next Wednesday. The upgrade aims to improve the scalability and efficiency of ethereum, which, if successfully implemented, could further boost the price of eth.
This update is a critical step in the evolution of ethereum and promises to address some of the network's long-standing challenges.
