Ethereum Surges Past Bitcoin in 2023 Gains

Ethereum has recently surpassed Bitcoin in year-to-date price gains, fueled by a surge in institutional demand. Billions of dollars worth of ETH have been acquired in recent weeks, largely due to investments from digital asset treasury companies (DATs) and rising interest in funds such as BlackRock’s ETHA. As of 1:16 p.m. ET, Ethereum's ether was priced at $4,311.58, reflecting a 29% increase this year. In contrast, Bitcoin, valued at $120,020.83, saw a 28% rise in the same timeframe. For the first time in eight months, Ethereum recently surpassed the $4,000 mark, last reaching this threshold on December 16, 2024, when it peaked at $4,107. The growing interest in ETH by treasury companies aims to emulate successful strategies used by Bitcoin treasury company pioneer Michael Saylor. In addition, U.S. spot Ethereum ETFs have experienced notable inflows, outperforming Bitcoin ETFs. Over the past month, ETH-based funds have attracted approximately $5 billion, contributing to a total net inflow of over $9 billion since their launch in July 2024, with total assets under management reaching about $20 billion. Disclaimer: The Block is an independent media source providing news and analysis. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in various companies in the crypto industry. Crypto exchange Bitget serves as an anchor LP for Foresight Ventures. The Block operates independently to deliver objective and timely insights into the cryptocurrency market. Current financial disclosures are available upon request.