Ethereum Reaches New Peak After Breaking Record
Ethereum is hitting new milestones, surpassing its previous high from almost four years ago. On Sunday, the second most valuable crypto asset reached a high of $4,948, according to market data from CoinMarketCap. However, prices retreated by roughly 3.5%, settling around $4,606 by 2:15 PM on Monday.
This upward trend happened after Ethereum overcame its November 2021 record of $4,878. Earlier on Friday, ETH experienced a surge after statements from US Federal Reserve Chairman Jerome Powell suggested possible cuts to interest rates; this development boosted the token’s value by close to 8% in a single hour. By the end of Friday, Ethereum’s value had increased by 15%.
Ethereum’s growth is attributable to multiple encouraging factors. The newly launched US spot Ethereum ETFs have experienced daily inflows surpassing $1 billion for the first time since their inception last year, performing better than Bitcoin ETFs in recent weeks. Corporate entities are also acquiring ETH: BitMine Immersion currently possesses over $7 billion worth, while SharpLink Gaming holds more than $3.6 billion.
Regulatory clarity has provided further tailwinds. The US Securities and Exchange Commission (SEC) is permitting liquid staking providers to distribute rewards without the obligation to register with the agency—a noticeable divergence from the stricter approach under the previous administration. Also, the implementation of the GENIUS Act establishes a framework for stablecoins, which is particularly relevant given that most stablecoins pegged to the US dollar operate on the Ethereum blockchain.
Raj Karkara, the Chief Operating Officer at ZebPay, commented, “Exceeding the all-time high of over $4,900 marks not only a crucial moment for Ethereum but also a demonstration of the fundamental strength of its network and the growing acceptance of decentralized applications. The accomplishment mirrors expanding trust from institutional investors, the advancement of Layer 2 scaling solutions, and the effectiveness improvements achieved through the Merge, further updates, and the pending Fusaka upgrade, all of which aim to enhance data availability and scalability through techniques like PeerDAS.”
He added, “As the ecosystem expands through advancements in rollups and on-chain liquidity protocols, we’re seeing Ethereum solidify its role as a primary layer for Web3. The price activity underscores the market’s awareness of its value proposition based on utility and potential for long-term scalability.”
Bitcoin Price Update
BTC exceeded $117,000 in late Friday trading, spurred by Federal Reserve Chairman Jerome Powell’s comments at Jackson Hole regarding potential interest rate reductions in September. However, values then decreased, falling below the $114,000 mark.
“A sharp decline pushed BTC down to around $112,000 before buyers stepped in, helping the market slightly recover toward $113,300. ETH achieved a new all-time high on Friday, exceeding its record from almost four years earlier by crossing the $4,920 level. Prices have since adjusted slightly and are currently trading near $4,750, representing a gain of 9.3% over the previous week,” according to the CoinSwitch Markets Desk.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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