Another week, another crypto market milestone. After briefly flirting with the symbolic $3,000 barrier, Ethereum definitively sailed past it on February 25, going on to chalk up seven-day gains of around 15%.

Following the recent Bitcoin rollercoaster that a week ago sent it past $50,000 and quickly sailed through the $60,000 mark this week, speculation is rife that an ether-based ETF approval may be the primary driving force behind the ETH rally. However, while the markets tend to view ETH as the smaller younger brother of BTC, to assume that the two assets are propelled by the same sets of forces, given their vastly different ecosystems, would be an oversimplification.

The narratives around BTC prices are relatively straightforward. The historic ETF approval and the halving event, which only rolls around every four years, have created a supply squeeze that’s carrying through into rising prices.

So, if ETH is due an ETF approval, then the logic of assuming a corresponding rally is understandable. Moreover, it’s difficult to ascertain how much of ether’s “ETH moment” could be attributed to bullish BTC action, given that a rising BTC tide can lift all crypto ships.

There are three opposing viewpoints as to what drives ETH’s growth, each supported by a recent innovative breakthrough — and all three agree on the wider impact the ETH rally stands to have on the crypto space overall.