The virtual asset market is heating up once again. Bitcoin, the representative cryptocurrency, has regained the $120,000 (about 166.6 million won) level, and Ethereum, the second-largest by market capitalization, has exceeded $4,300 (about 6 million won) for the first time in about 3 years and 8 months, and is on the verge of setting a new all-time high.
As of 3 PM on the 11th, according to data from the global cryptocurrency price information site CoinMarketCap, Bitcoin was traded at $122,038 (about 169.45 million won), up 3.32% from the previous day. Bitcoin, which was moving around $118,000 (about 163.85 million won) the day before, broke through the $120,000 barrier again in the morning after about a month.
The news that Harvard University invested in a spot Bitcoin ETF helped boost Bitcoin's price. Harvard currently holds a Bitcoin spot ETF worth about $120 million (166.5 billion won), which is the fifth-largest proportion of its total asset management portfolio.
At the same time, Ethereum's price recorded $4,302, up 1.84% from the previous day. This is the first time Ethereum has exceeded $4,300 since December 2021. Its all-time high is $4,891.70 (about 6.8 million won) recorded on November 16, 2021, and it would set a new record if it rises about 15% from the current price.
The background of Ethereum's rise is the implementation of the 'Genius Act', the first federal-level stablecoin-specific law in the United States. Experts unanimously say that Ethereum is the most optimized blockchain network for stablecoin issuance due to its stability and compatibility. In fact, major issuers such as Tether and Circle, which account for more than 98% of global stablecoin issuance, are issuing and distributing coins based on Ethereum, so the possibility of further increases is considered high.
