Ethereum has struggled to gain momentum in recent months while Bitcoin has soared, breaking its all-time price record multiple times in early November. However, the second-largest crypto by market cap finally managed to breach the $3,000 threshold early Saturday for the first time since August, peaking out at $3,056.
With President-elect Donald Trump’s favorable stance on digital assets boosting the broader market, Ethereum’s price is beginning to rise, popping 20% over the past week and outpacing Bitcoin’s own 10% jump. While Ethereum’s climb past $3,000 was bolstered by Trump’s win, the asset has still underperformed Bitcoin in terms of year-to-date gains.
However, the approval of spot Ethereum ETFs appeared less likely following news that the Ethereum Foundation was being investigated by an unnamed “state authority” in March. Ethereum’s prospects could shift as regulators adopt a more collaborative approach with a Trump-led change of leadership at the SEC.
