Market watchers spent the last week watching excitedly as crypto investors, famous for their bullish tendencies and high-risk-high-reward style of investing, made a concerted effort to drive the price of Ethereum (ETH) to a new multi-month high above $4,000. ETH, which has an all-time high value of $4,891, is one of the strongest cryptocurrencies to weather the crypto crash of past years and has been riding the new market as one of the top cryptocurrencies in the world. While the volatile market has always been known for dramatic dips, the long-term upward swing has many crypto investors looking at every dip as another new excuse to buy Ethereum.
Still Waiting for that ETH ETF?
Back in January, the SEC gave Bitcoin (BTC) the go-ahead to serve as an exchange-traded fund (ETF) for large-scale financial institutions. Since then, Bitcoin has become the crux of many portfolios that would not normally consider investment in the crypto space, opening the market to a lot of new money. ETH does not have that standing and might never have it, but speculation has placed ETH as the next cryptocurrency in line if more ETF designations were to take place. Though SEC Chair Gary Gensler downplayed this possibility in statements surrounding the BTC decision, this didn't stop a surge in ETH investment.
While that may have been the moment that launched ETH's recent surge, it's no longer just about the potential of an ETH ETF. The ETH blockchain ecosystem has always been one of the crypto space's most resilient as its encryption tech also hosts other tokens and NFTs and the financial tools they require. Now, this investor favorite is being propelled from its flashpoint with an energy all its own.
Is It Too Late to Join the Hype?
As of this writing, ETH is valued around a hundred dollars below its 24-hour high, but the market is so volatile that this will almost certainly change before you get the chance to read this. Anyone who decided "It's too late" last week would have missed out on a $300 surge. Will a similar situation occur this week? The dialogue among investors seems to suggest a bullish hold now targeting a value of $4,200, but knowing them, a new and higher target might be set if this one is achieved.
The culture surrounding crypto investment seems to find excitement in driving value as high as possible and holding shares far longer than investors in other markets might choose to. At some point, though, investors have to select their peaks to sell so that they can reinvest in whatever dips or markets they feel like placing new bets on.
You won't find any advice in this article. The risk is part of the game, and everyone must decide for themselves if they want to join.
We Might See More of This in 2024
Whether with BTC, ETH, or some other token, there might be more surprising peaks, dips, surges, and cultural shifts awaiting the crypto space in 2024. So far, the year has seen cryptocurrencies clearing unexpected regulatory hurdles, pulling in increasing international investment, and shifting cultural paradigms toward AI traders and predictive algorithms. Now, perhaps more than ever, it's difficult to predict what the scene will look like in a few months, much less through the end of the year. It's an exciting time for investors and spectators alike to watch the market.
