The cryptocurrency market is overheating after Bitcoin (BTC) reached a new all-time high last night. Ether (ETH) could follow suit: it is now just 2% away from its all-time high.
ETH price continues to soar amid Bitcoin record highs
After Bitcoin and BNB, is Ether (ETH) next? Ethereum’s cryptocurrency continues to generate excitement. This morning, the price of ETH broke through the $4,800 mark, just 2% below its all-time high in 2021. At that time, the cryptocurrency had reached $4,878.
Over the last 30 days, ETH has risen by 59%, including 27.5% over the past week. Its market capitalization now stands at $573 billion. It clearly surpasses the third most capitalized cryptocurrency, Ripple’s XRP, which has a market cap of $191 billion.
The psychological threshold for investors is $5,000. It took ETH four years to return to levels similar to its previous highs, but this new target could be reached more quickly if the euphoria on the cryptocurrency markets continues.
Institutional investors eager for ETH in recent weeks
This rise comes amid a very positive global context. The majority of major cryptocurrencies have seen their prices soar in recent days. This morning, the price of BTC also reached a new all-time high of over $124,100. These increases accompany record highs on Wall Street and other global stock markets.
But ETH is outperforming its competitors thanks to considerable enthusiasm from institutional investors. Two days ago, ETH ETFs saw daily inflows exceeding $1 billion, an unprecedented figure.
In addition, nearly 8% of ETH is now held by ETFs and corporate treasuries.
This shows the consolidation of cryptocurrency in institutional spaces.
