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After a recent correction, Ethereum’s price has finally reclaimed its former all-time high, marking a significant milestone for the cryptocurrency. The surge came following a speech by US Federal Reserve Chairman Jerome Powell at Jackson Hole on Friday, which sparked a massive bounce in the market.
Ethereum hit an all-time high of $4,880 on Bitstamp, surpassing its previous high of $4,869 achieved in November 2021. It is currently trading at slightly below $4,900, representing a 10% increase over the past seven days. The altcoin has been one of the best-performing cryptocurrencies recently, with a 35% increase in the past month alone.
The recent rally can be attributed to notable institutional investments in Ethereum, as reported by CryptoPotato earlier this month. In just a few weeks, spot ETH-based exchange-traded funds saw a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own.
Nate Geraci, commenting on the matter, said:
“It feels like ETH ETFs were severely underestimated simply because traditional finance investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating.”
But it’s not just ETFs – publicly traded companies are also following the same playbook as Michael Saylor’s strategy. Tom Lee’s Bitmine became the first to accumulate a treasury of 1,000,000 ETH. This has led to a surge in demand for Ethereum, with companies stockpiling it for their treasuries.
The entire cryptocurrency community has been calling for an altcoin season for many months, and now it seems that ETH has found itself at the intersection of institutional demand and companies stockpiling it for their treasuries. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021, and targets such as $10,000 and even beyond are not unrealistic.
Binance Free $600 (Exclusive): Use this link to register & get $600 free on Binance Futures (limited offer). Click here to start trading on BitMEX and receive 10% discount on fees for 6 months. Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information. Cryptocurrency charts by TradingView. Enjoy reading? Please share:
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The cryptocurrency market has been on a wild ride, with Ethereum’s price finally reclaiming its former all-time high. This move came after a recent correction that saw ETH’s price drop to slightly above $4,000. In the past 24 hours, the cryptocurrency has seen a massive bounce following the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole on Friday.
Ethereum hit an all-time high of $4,880 on Bitstamp, surpassing its previous high of $4,869 achieved in November 2021. It is currently trading at slightly below $4,900, marking a respectable 10% increase over the past seven days. The altcoin has been one of the best-performing cryptocurrencies recently, with a 35% increase in the past month alone.
As CryptoPotato reported earlier this month, the recent rally comes on the back of notable institutional investments in the largest altcoin. In just a few weeks, spot ETH-based exchange-traded funds saw a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own.
Nate Geraci, commenting on the matter, said:
“It feels like ETH ETFs were severely underestimated simply because traditional finance investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating.”
But it’s not just ETFs – publicly traded companies are also following the same playbook as Michael Saylor’s strategy. Tom Lee’s Bitmine became the first to accumulate a treasury of 1,000,000 ETH. This has led to a surge in demand for Ethereum, with companies stockpiling it for their treasuries.
The entire cryptocurrency community has been calling for an altcoin season for many months, and now it seems that ETH has found itself at the intersection of institutional demand and companies stockpiling it for their treasuries. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021, and targets such as $10,000 and even beyond are not unrealistic.
Binance Free $600 (Exclusive): Use this link to register & get $600 free on Binance Futures (limited offer). Click here to start trading on BitMEX and receive 10% discount on fees for 6 months. Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information. Cryptocurrency charts by TradingView. Enjoy reading? Please share:
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer). PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC. Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information. Cryptocurrency charts by TradingView. Enjoy reading? Please share:
The cryptocurrency market has been on a wild ride, with Ethereum’s price finally reclaiming its former all-time high. This move came after a recent correction that saw ETH’s price drop to slightly above $4,000. In the past 24 hours, the cryptocurrency has seen a massive bounce following the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole on Friday.
Ethereum hit an all-time high of $4,880 on Bitstamp, surpassing its previous high of $4,869 achieved in November 2021. It is currently trading at slightly below $4,900, marking a respectable 10% increase over the past seven days. The altcoin has been one of the best-performing cryptocurrencies recently, with a 35% increase in the past month alone.
As CryptoPotato reported earlier this month, the recent rally comes on the back of notable institutional investments in the largest altcoin. In just a few weeks, spot ETH-based exchange-traded funds saw a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own.
Nate Geraci, commenting on the matter, said:
“It feels like ETH ETFs were severely underestimated simply because traditional finance investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating.”
But it’s not just ETFs – publicly traded companies are also following the same playbook as Michael Saylor’s strategy. Tom Lee’s Bitmine became the first to accumulate a treasury of 1,000,000 ETH. This has led to a surge in demand for Ethereum, with companies stockpiling it for their treasuries.
The entire cryptocurrency community has been calling for an altcoin season for many months, and now it seems that ETH has found itself at the intersection of institutional demand and companies stockpiling it for their treasuries. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021, and targets such as $10,000 and even beyond are not unrealistic.
Binance Free $600 (Exclusive): Use this link to register & get $600 free on Binance Futures (limited offer). Click here to start trading on BitMEX and receive 10% discount on fees for 6 months. Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information. Cryptocurrency charts by TradingView. Enjoy reading? Please share:
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer). PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC. Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information. Cryptocurrency charts by TradingView. Enjoy reading? Please share:
The cryptocurrency market has been on a wild ride, with Ethereum’s price finally reclaiming its former all-time high. This move came after a recent correction that saw ETH’s price drop to slightly above $4,000. In the past 24 hours, the cryptocurrency has seen a massive bounce following the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole on Friday.
Ethereum hit an all-time high of $4,880 on Bitstamp, surpassing its previous high of $4,869 achieved in November 2021. It is currently trading at slightly below $4,900, marking a respectable 10% increase over the past seven days. The altcoin has been one of the best-performing cryptocurrencies recently, with a 35% increase in the past month alone.
As CryptoPotato reported earlier this month, the recent rally comes on the back of notable institutional investments in the largest altcoin. In just a few weeks, spot ETH-based exchange-traded funds saw a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own.
Nate Geraci, commenting on the matter, said:
“It feels like ETH ETFs were severely underestimated simply because traditional finance investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating.”
But it’s not just ETFs – publicly traded companies are also following the same playbook as Michael Saylor’s strategy. Tom Lee’s Bitmine became the first to accumulate a treasury of 1,000,000 ETH. This has led to a surge in demand for Ethereum, with companies stockpiling it for their treasuries.
The entire cryptocurrency community has been calling for an altcoin season for many months, and now it seems that ETH has found itself at the intersection of institutional demand and companies stockpiling it for their treasuries. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021, and targets such as $10,000 and even beyond are not unrealistic.
Binance Free $600 (Exclusive): Use this link to register & get $600 free on Binance Futures (limited offer). Click here to start trading on BitMEX and receive 10
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