Ethereum hits new won price for the first time in four years, nearing 6 million won.

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), continues its surge, setting a new won-based record in four years.

On the 10th, at the domestic cryptocurrency exchange Bithumb, ETH recorded 5,963,000 won in the morning, breaking its four-year-old won record. The previous high was 5,845,000 won recorded in November 2021. ETH later gave back some of its gains and was trading at 5,839,000 won at 1:45 PM, approximately 24% higher compared to a week ago.



The upward trend is also clear in the global market. At the same time, according to the cryptocurrency market tracking site CoinMarketCap, ETH recorded $4,237.3, approximately 23% higher compared to a week ago. However, it is still 13% lower than the all-time high in November 2021.

The market is optimistic that ETH will soon set a new all-time high in the global market. Tom Lee, co-founder of Fundstrat, said, "ETH is in a similar flow to what Bitcoin (BTC) experienced in 2017" and predicted it could reach up to $16,000.

Arthur Hayes, co-founder of BitMEX, who last week warned of a potential market adjustment and sold off a large portion of his ETH holdings, acknowledged his mistake by repurchasing within just a week. He posted on X, "I should have bought back all of ETH" and "I promise with my pinky that I will never realize profits again".

Reporter Kim Jung-woo