Ether climbed more than 5% in late-day trading Thursday, reaching $3,606.17 — its highest level since Jan. 7 and the first time the token has traded above $3,600 in six months. The rally gathered pace after the cryptocurrency reclaimed the $3,400 and $3,500 marks earlier in the session.
The price surge lifted Ethereum’s market value to roughly $430 billion, according to Cointelegraph data, putting the blockchain network among the world’s 30 largest assets and ahead of healthcare giant Johnson & Johnson.
Traders pointed to the largest daily net inflows on record for newly listed US spot Ether exchange-traded funds and steady institutional accumulation as drivers of the move. Treasury-management firm BMNR, for example, disclosed that its Ether holdings have reached $1 billion. Market sentiment has also been buoyed by a trio of crypto-friendly bills that cleared the US House this week and signs the next administration could permit retirement plans to invest in digital assets.
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Source: https://thedefiant.io/news/markets/ethereum-jumps-above-3600-market-value-tops-430-billion-3f1101b9