Ethereum Reaches $3,000

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On Tuesday, the price of Ether rose to $3,000 for the first time in almost two years, fueled by speculation that Ether exchange-traded funds (ETFs) may be approved in the United States as early as May.

The second-largest cryptocurrency by market cap reached a peak of $3,003.40 at 9 a.m. ET before dipping slightly. It is currently being traded at $2,931, showing a 1% increase in the past 24 hours, and a 14% increase in the past week, with a year-to-date gain of 30%.

At the same time, Bitcoin also saw a new yearly high of $52,908 today, showing an 8% increase over the past week amidst a larger overall rally in the crypto market.

The GMCI 30 Index, a measure of the top 30 digital coins by market cap, rose from 107.7 to 116. With the successful launch of spot Bitcoin ETFs in January, the focus has shifted to another potential development in the crypto market – the approval of spot Ether ETFs in the US.