Ethereum surges past $3,800, hits highest level since January 2022
economictimes.indiatimes.com
Meanwhile, at 4.20 pm, the crypto token was trading 4% higher at $3,830. It has also gained nearly 65% in the last one month, and over 145% in the past one year.
«This rally is fueled by a combination of factors, including Ethereum's shift to a proof-of-stake consensus model, which has made its token supply deflationary. Additionally, the amount of ether locked up in staking pools, DeFi smart contracts and layer-2s is also an important factor,» said Sumit Gupta, Co-Founder of CoinDCX.
The rise in Ethereum also comes amid speculation of the launch of an Ethereum ETF following the recent launch of a Bitcoin ETF.
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View Details»However, according to a regulatory filing on Monday, the U.S. Securities and Exchange Commission (SEC) further delayed its decision on an application by asset manager BlackRock for its spot Ethereum exchange-traded fund.
BlackRock in November last year filed its application for its iShares Ethereum Trust, which will be listed on the Nasdaq if approved.
The SEC in January delayed its decision on BlackRock's application after it gave the
