Ethereum, the leading alternative cryptocurrency, is on the verge of hitting the $4,000 mark. Having recently touched this level in futures trading, ETH is witnessing a surge in investor interest. A recent report highlights an unprecedented rise in the Coinbase Premium Index (CPI), suggesting heightened activity from US-based investors.
Surge in the Coinbase Premium Index
CryptoQuant’s data reveals that the CPI for Ethereum has soared to its highest since May 2023. Tracking the price disparity between Coinbase and Binance, the index serves as a barometer for Coinbase users’ trading enthusiasm. As the index climbs, it reflects a robust buying presence on the exchange. Currently, the CPI stands at 0.16, a notable 400% increase since late February.
The rising CPI aligns with Ethereum’s price advancement past $3,800, fuelling speculation of a potential return to its all-time high of $4,800. Simultaneously, Ethereum’s Korean Premium Index (KPI) has also witnessed a peak, the first in over a year, signifying active trading in Asia.
Spot Market Flirts with $4,000 Threshold
Ethereum’s spot market performance has been dynamic, with the price momentarily surpassing $3,990, just shy of the coveted $4,000. Despite a slight retreat, ETH’s value hovers around $3,927, showing an uptick of 1.5%. The cryptocurrency’s market cap has consequently exceeded $473 billion, complemented by a trading volume jump of 18%.
Investor optimism is palpable as market indicators and trading volumes suggest a positive outlook for Ethereum’s price trajectory. Market participants continue to closely monitor these trends, anticipating further milestones in the near future.