Ethereum (ETH), the leading alternative cryptocurrency, is making strides towards the elusive $4,000 price point. Recently, Ethereum’s value has soared, momentarily surpassing the $4,000 threshold in futures markets.
Investor Activity in the US Market
The Coinbase Premium Index (CPI), which tracks the price disparity between trading on Coinbase and Binance, has hit its highest peak since May 2023, as reported by CryptoQuant. This surge suggests an uptick in investment activity among US-based traders. With the CPI standing at 0.16, there’s been a notable 400% increase in this index since late February, hinting at a growing investor expectation for Ethereum to achieve new highs.
Ethereum’s rise in the CPI is concurrent with its price increase over $3,800, fueling anticipation that it might soon revisit its all-time high of $4,800, achieved over two years ago. The KPI, mirroring CPI but for the Asian market, has also seen its highest values since May of the previous year.
Ethereum’s Current Market Performance
The cryptocurrency’s recent performance has garnered attention, with its spot market price recently reaching $3,990, though it has yet to consistently break the $4,000 barrier. In futures trading, however, Ethereum has briefly achieved this milestone. Currently, Ethereum trades at $3,927, up 1.5%, with its market capitalization exceeding $473 billion and a 24-hour trading volume nearing $26.39 billion, marking an 18% increase.
The momentum in Ethereum’s pricing and the spikes seen in CPI and KPI suggest a reinvigorated interest from investors across the globe, specifically in the US and Asian markets. As Ethereum edges closer to the $4,000 mark, the cryptocurrency community watches with keen interest.