It has been a wild ride, but Ethereum’s price has finally reclaimed its former all-time high.
The move came following a recent correction, which saw ETH’s price drop to slightly above $4,000. The cryptocurrency saw a massive bounce in the past 24 hours following the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole earlier on Friday.
The cryptocurrency hit an all-time high of $4880 on Bitstamp, surpassing its previous high of $4869 achieved in November 2021.
ETH is currently trading at slightly below $4,900, marking a respectable 10% increase over the past seven days. It has been one of the best-performing altcoins recently and has increased by more than 35% 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. Just a few weeks ago, spot ETH-based exchange-traded funds marked a record inflow of over $1 billion, with BlackRock’s ETHA fund accumulating more than 150,000 ETH – a record on its own.
Commenting on the matter was Nate Geraci, who said:
It feels like ETH ETFs were severly underestimated simply because TradFi investors didn’t understand Ethereum. Now they’re hearing ‘backbone of future financial markets’ and it’s resonating.
But it’s not just ETFs. Following in the footsteps of Michael Saylor’s Strategy, publicly traded companies are running the same playbook. Tom Lee spearheaded Bitmine became the first to accumulate a treasury of a whopping 1,000,000 ETH.
In essence, ETH found itself at the intersection of institutional demand and companies stockpiling it for their treasuries, all the while the entire cryptocurrency community had been calling for an altcoin season for many months. Many are now speculating that, this time around, ETH’s fundamentals are much stronger compared to 2021 and that targets such as $10,000 and even beyond are not unrealistic.
