Ethereum, the second-largest cryptocurrency by market cap, is approaching the $4,000 level, for the first time since December 2021. It is currently trading at around $3,950. The cryptocurrency has been rising over the past few months alongside Bitcoin, which reached record levels on March 5. Over the past 30 days, Ethereum has outperformed Bitcoin, rising 67%, while Bitcoin is up 57% and the CoinDesk 20 Index, a measure of rising interest rates. The broader cryptocurrency market rose 53%. According to Kenny Hearn, chief investment officer at SwissOne Capital, ether is rising in sympathy with Bitcoin's recent success and in anticipation of the rise in altcoins. “There is nothing preventing ETH from reaching the $4,000 level other than psychological resistance,” Hearn said in an interview. “We believe there is a high probability that this will happen in the next 24 hours as long as US employment data comes in as expected,” Hearn said. The US is scheduled to publish its February non-farm payrolls report at 1:30 UTC.
If Bitcoin matches the allocation of gold in investors' portfolios, its market value should rise to $3.3 trillion, implying a doubling of its price, but that probably won't happen due to cryptocurrency risks and increased volatility, JPMorgan (JPM) He said In a research report. The report said that gold is the best comparison to cryptocurrency given investors' perception of Bitcoin as a digital version of the metal. “Most investors take risk and volatility into account when they allocate across asset classes, and since Bitcoin's volatility is about 3.7 times that of gold, it would be unrealistic to expect Bitcoin to match gold within investors' portfolios in nominal amounts.” Written by Nikolaos Panigirzoglou.
Optimism Foundation He said That Friday I entered into a special token sale Nearly 19.5 million OP tokens, worth about $90 million at current prices, are to an undisclosed buyer. The foundation is one of the maintainers and developers of Optimism, a blockchain network that manages and settles transactions on Ethereum. Tokens sold are subject to a two-year hold. However, the buyer can delegate tokens to unaffiliated third parties to participate in governance decisions, giving the same benefits as an unaffiliated holder.
