Ethereum breaks 22-month record crossing $3000 amid positive market speculations

Ethereum’s price soared to a noteworthy milestone in the past day, briefly crossing the $3,000 mark for the first time in 22 months.During this period, ETH’s price peaked at approximately $3,025, marking a remarkable 27% surge over the last 30 days. However, its value has retraced slightly to around $2,920 as of press time, experiencing a 3.5% dip, according to CryptoSlate’s data.Why did ETH rise?ETH’s recent price surge is widely attributed to speculation surrounding the potential approval of a spot Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) in May.Standard Chartered, a British multinational bank, predicted a favorable outcome for a spot ETH ETF approval. Key figures at crypto asset management firms, such as Bitwise, Grayscale, and Galaxy Digital, estimated a 50% likelihood of approval for these pending spot Ethereum ETF applications.Meanwhile, applicants like VanEck, Ark Invest, and 21Shares are adjusting their applications to align with the SEC’s criteria for approving a Bitcoin ETF.Furthermore, market sentiment has been buoyed by the upcoming Dencun upgrade. This upgrade will introduce features like proto-danksharding and fee reductions. In addition, the upgrade will help enhance Ethereum’s network performance, reduce transaction costs, and improve ecosystem interoperability.The broader market sees red.The broader crypto market experienced a decline during the reporting period, with the global crypto market capitalization dropping by 0.32% to $1.96 trillion.Bitcoin surged to a new yearly peak just below $53,000 but swiftly dropped to $51,268 as of press time, according to CryptoSlate’s data.Large-cap digital assets like Solana, Avalanche, Cardano, and Ripple’s XRP saw losses exceeding 3%. However, Binance-backed BNB coin and Tron’s TRX token bucked the trend, registering gains of under 3%.These price movements triggered significant liquidations, totaling over $291 million from more than 92,000 traders, per Coinglass data.Crypto Market Liquidation. (Source: Coinglass)Bitcoin led the liquidation figures with a total loss of $75 million. Long Bitcoin traders accounted for $42 million in losses, while short traders lost $28.46 million. Ethereum followed closely, contributing $59.1 million to the overall liquidation, with short traders bearing the brunt of the losses.



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