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Second, decentralized finance (DeFi), much of which runs atop the Ethereum blockchain, has been booming.

After several years of the network looking for a killer app, it seems to have found it through DeFi applications that allow people to lend money, accrue interest, and swap assets without going through a financial institution.

"ETH hitting $2000 validates that scalability, applications around DeFi and NFTs are hitting hockey stick growth, and it is proving itself to be the leader in creating decentralized applications," Paul Veradittakit, a partner at crypto VC firm Pantera Capital, told Decrypt.

As for what's next, he said, "Ultimately the new ETH floor price may be lower than $2,000 but seeing any number around and above it isn't surprising to me anymore."