The reasons for the significant growth of Ethereum have become known

on February 13, the main altcoin rose to $ 2,686, following bitcoin’s rise above $ 50,000 for the first time since 2022. The price behavior of ETH $3,326.30 Bridged Ether (StarkGate) -2.27% Market capitalization $0.28 billion VOL. 24 hours $1.72 billion and BTC $96,366.82 Bitcoin -1.28% Market capitalization $1.91 trillion VOL. 24 hours $2.82 billion has been closely correlated for many years.

An important reason for the growth of ethereum could be the active attempts of American legal entities to obtain permission from the US Securities and Exchange Commission (SEC) to launch spot ETFs on ETH in the first half of 2024. Franklin Templeton Holding Company recently joined these companies in expressing its readiness to launch an ETF on Ethereum.

Franklin Templeton boasts $ 1.5 trillion in assets under management, and now that bitcoin ETFs have become a reality, the emergence of an Ethereum ETF seems almost inevitable. Everyone is now watching the price of Ethereum to see if the ETF hype can sustain the bullish trend. The SEC has until May 23 to approve the applications.

For several weeks, the ETH rate has been showing significant growth. Investors are once again gaining optimism, expecting a new bullish trend in the crypto market in the coming months, and the main altcoin to break through the $ 3,000 mark. The launch of the Dencun update on the testnet was also an important prerequisite for growth. The developers have promised to roll out the update on the main Ethereum network in March.

Cryptocurrency analysts have even predicted that ETH will rise to $ 10,000 this year. Although there is no certainty that Ethereum will reach $ 10,000, crypto experts emphasize that it is a safe asset for storing funds. Due to its highly functional smart contracts, Ethereum is considered the second biggest innovation in the blockchain after Bitcoin.