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Ethereum surged 11 percent to near $4900, outpacing Bitcoin with a 250 percent gain since April.
Ethereum shot up 11 per cent to reach near ATH.
Ethereum Price: Ethereum, the second most popular cryptocurrency, zoomed 11 per cent in the past 24 hours to hit its all-time high just below $4900 for the first time since 2021, following the dovish comments by Fed chair Jerome Powell and the record ETF inflows.
According to CoinMarketCap, Ethereum outpaced Bitcoin in recent times, gaining over 250 per cent from April lows. The current trading price is $4,747.
Along with the increasing inflow from institutional investors, Ethereum is also drawing strength from its on-chain activity. “Transactions on the Ethereum network jumped 63% in the past 30 days, while active addresses rose 26%, contributing to the price action. Additionally, wallets holding over 10,000 ETH have risen by 200 since July,” explained Edul Patel, CEO of Mudrex.
He further said that Ethereum looks well-positioned for a sustained rally, potentially targeting $7,500 in the coming months, given rising adoption, network utility and fresh liquidity.
Ethereum’s trading volume has surged 148% in the past 24 hours.
US Federal Reserve Chair Jerome Powell on Friday signaled that the central bank may consider cutting interest rates in the coming months but offered no clear timeline, stressing that any move would be measured and cautious.
In a widely watched speech that drew attention from both the White House and Wall Street, Powell acknowledged the twin risks of rising unemployment and persistently high inflation. He noted that with hiring already slowing, the labor market could face further weakness, while trade tariffs and other policy measures continue to weigh on the economic outlook.
What Are Recent Factors Of Rising?
JP Morgan’s research team highlighted record $5.4 billion inflows into Ethereum ETFs during July, matching Bitcoin ETF performance for the month.
Corporate treasury adoption emerges as a significant catalyst, with approximately 10 public companies now holding ETH on their balance sheets, as mentioned by JP Morgan. These holdings represent 2.3% of the current circulating supply, with some corporations expected to run validators for staking income.
The SEC’s anticipated approval of staking for spot Ethereum ETFs could unlock new yield opportunities without requiring the standard 32 ETH minimum.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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