Ethereum’s ether (ETH) has experienced a notable surge, reaching its highest price in over four months as Bitcoin continues to hit record highs. The second-largest cryptocurrency, by market cap, approached the $3,000 mark, showing a significant 6.7% increase in just 24 hours.
Despite earlier underperformance in the current cycle compared to BTC and Solana, momentum around ETH seems to be shifting. Market strategist Joel Kruger from LMAX Group noted that ether is rallying off recent lows, driven by increased derivatives activity and rising interest in its role in settlement and tokenization infrastructure.
Furthermore, the demand for U.S.-listed spot ETFs has been robust, with over $500 million in inflows recorded for the month. Additionally, corporate strategies regarding cryptocurrency have begun to include ETH alongside Bitcoin. Public companies like Sharplink Gaming and Bitmine Immersion Technology are adding ether to their balance sheets, indicating a growing recognition of its value.
Crypto investor Pentoshi highlighted the significant purchases of ETH by public companies, suggesting that this buying activity could potentially counterbalance all ethers created since the merge within a month. He emphasized that with ETH being significantly less than one-ninth the market cap of Bitcoin, it allows for easier manipulation and investment movements.
These developments suggest a positive change for Ethereum as it experiences renewed interest and investment, fostering optimism in the market.