Ethereum hits $4,885 for new all-time high price
The previous high was set in November 2021.
Following hints from Fed Chair Jerome Powell that the central bank would likely cut rates in September, ethereum finally rallied to a new record high of $4,885, pushing past its previous record of $4,878 set in 2021.
The second-largest cryptocurrency has been flirting with a new all-time high for weeks as public companies like BitMine scoop up billions of dollars’ worth of tokens and as ethereum spot ETFs see a growing swell of inflows.
Clearer US regulatory policy regarding cryptocurrency has also boosted the token. President Donald Trump signed the GENIUS Act into law in July bringing regulations for stablecoin issuance, a move expected to boost the ethereum ecosystem, which has the largest supply of stablecoins among all blockchain networks.
Year to date, ethereum has jumped over 40%, outpacing its older sibling bitcoin, which has risen roughly 24% this year. The market capitalization of ethereum, at over $587 billion, is now larger than streaming giant Netflix ($512 billion) and payments heavyweight Mastercard ($540 billion).
“Ethereum is approaching a potential breakout moment past its previous all-time high, driven by a convergence of bullish catalysts,” according to Le Shi, managing director at crypto trading firm Auros. Shi pointed to a number of macro conditions, including anticipated Fed rate cuts, record-high S&P 500 levels, bitcoin’s own rally, and the GENIUS Act’s impact on accelerating traditional finance’s adoption of ethereum.
“One of the market’s hottest themes is the rise of crypto treasury companies. Following Strategy’s lead in bitcoin, attention has shifted to ethereum-focused treasuries such as BitMine Immersion Technologies, SharpLink, and Bit Digital, which are rapidly gaining mindshare among both crypto-native and TradFi participants,” Shi told Sherwood News.
The deployable capital held by ethereum treasury firms like BitMine, SharpLink Gaming, and Bit Digital “represent a significant potential driver of ethereum market activity,” Shi added.
