Ether (ETH), the native token of Ethereum Blockchain, which turned 10, just had its best July performance in three years.
The second largest cryptocurrency rose more than 50% in July and topped by $ 3,940 before lighting up below $ 3,800 towards the end of the month.
Last time Eth Rose saw much in a single month was July 2022, rebuild from the depth of the cryptoykel marked with high-profile implosions of Terra-Luna, three arrow capital and Celsius.
This time, the rally has another driver with money leaning in from the capital markets.
US-Listed Spot ETH Exchange-Traded Funds (ETFS) absorbed $ 5.4 billion Net Tream throughout the month, their strongest stroke since the products debuted last year, Sosovalue data shows.
Business balances also follow. As part of the digital asset Treasury Frenzy, public companies have gabbled up to $ 6.2 billion, according to data collected by CEX.IO. Tom Lee’s Bitmine and Joseph Lubin’s Sharplink are the two most notable players, but the latest participants, such as Ethzilla and Ether Machine, have already raised large capital numbers from institutions to insert for asset purchases.
Price action came hand in hand with a positive narrative shift that placed ETH as a key proxy for the flowering stableecoin and tokenization market.
With the new US rules for stableecoins under the Genius Act and Ethereum, hosting more than half of the $ 250 billion stableecoin supply, this clarity could cement its role as the backbone of the Dollar-Pegged Tokens.
Price wise is currently facing $ 4,000 resistance, with several attempts to break higher failed last year. The Crypto market is also entering a historically quiet phase that could see the rally cool in a consolidation phase.
Still, ETH may have some “juice in the tank” to push as high as $ 4,700 as part of the current race, said well subsequent cryptoinvestor Bob Loukas in an X post.
Read more: Ethereum could win the war but lose the award
