Ethereum Breaks $4,000: Could It Make A New All-Time High In 2024?

Author: Murtuza Merchant | December 06, 2024 12:09pm

Ethereum (CRYPTO: ETH) on Friday crossed the $4,000 threshold for the first time since March, signaling renewed investor confidence as institutional interest in the cryptocurrency grows.

The surge is closely tied to record-breaking inflows into U.S. Ethereum spot ETFs, which have simplified access to the asset for institutional players.

On Dec. 5, Ethereum spot ETFs reported an unprecedented total net inflow of $428 million.

BlackRock‘s Ethereum ETF (NASDAQ:ETHA) led with $293 million in daily net inflows, followed by Fidelity's Ethereum ETF (CBOE: FETH), which saw $114 million in inflows.

These figures demonstrate the accelerating adoption of Ethereum as an asset class within traditional financial markets.

Ethereum, now trading around $4,007, up 3.5% over the last 24 hours.

Prediction markets reflect mixed but cautiously optimistic sentiment regarding Ethereum's near-term price trajectory.

Also Read: Bitcoin Reserve Would ‘Benefit Special Interest Groups,’ Former Fed Chairman Warns

According to Polymarket data:

• Bettors assign a 41% probability to Ethereum reaching a new all-time high by the end of 2024, indicating moderate confidence in its growth potential.
• For December specifically, bettors estimate:
  • A 26% chance that Ethereum will hit $5,000.
  • A 53% likelihood of crossing $4,500.
  • A 62% probability of reaching $4,300.
  • A 78% chance that Ethereum will maintain prices above $4,200.

Polymarket's trading volumes further validate Ethereum's strong performance.

The market for Ethereum's year-end price movements has amassed over $1.6 million in volume, indicating substantial interest among traders and bettors.

The question of whether Ethereum will reach a new all-time high by the close of 2024 has garnered significant attention, with trading volumes surpassing $8.5 million for this market alone.

Ethereum's ability to surpass $4,000 is reflective of a broader recovery in the cryptocurrency market.

However, it remains approximately 17% below its all-time high of $4,878, last recorded in November 2021.

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Posted In: $ETH ETHA FETH