ETH has finally joined the bull party as its price shot up to over $4,000 for the first time since March this year.
This spectacular surge comes on the heels of the growing interest and demand for the spot Ethereum ETFs, as Thursday was the best day ever in terms of net inflows.
On the day the US presidential elections were decided – November 6 – ETH’s price struggled at around $2,500. The rest of the market was in anticipation of the results but once it became clear that Trump will be the next POTUS, BTC and most alts exploded.
Ethereum also went up but remained in the shadow of bitcoin and many altcoins, such as XRP, DOGE, XLM, TRX, SOL, and even BNB at one point. Many of those charted fresh all-time highs, while others went to multi-year peaks.
ETH couldn’t keep up, and its price stood within a tight range between $3,000 and $3,400 for a few weeks. However, its moment finally arrived in the past week or so as the second-largest digital asset shot up by 14% within this timeframe.
Moreover, ETH is up by more than 6% in the past 24 hours alone. This helped it surpass the coveted $4,000 level for the first time since March this year. It climbed to nearly $4,100 minutes ago and now remains inches below that level.
Perhaps the most probable reason behind this impressive rally is the change in dynamics around the spot Ethereum ETFs. The financial vehicles struggled for months to attract investors’ attention, especially when compared to their BTC counterparts, but the landscape is entirely different now.
The Ethereum ETFs registered their best day to date on December 5, as they saw $428.5 million in net inflows. This broke the previous record from November 29 of $332.9 million.
BlackRock’s ETHA led the pack, with $292.7 million, followed by Fidelity’s FETH ($113.6 million).
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