Ether (Eth) has risen 5% over the last 24 hours to $ 4,470, its highest price since December 2021.
Helping the bullish action in crypto in general was Tuesday morning’s consumer prize index report. While the data was mixed and inflation remains over the Federal Reserve’s 2%target, market participants raised betting on US central banking interest rates at its next meeting in September.
Especially boosting ether was a new massive leg that was higher in the growing corporate scassing strategy movement. Already the owner of approx. 5 billion dollars in Eth, Tom Lee’s Bitmine -the Sinking Technologies (BMNR) revealed plans to raise up to $ 20 billion in capital for additional purchases.
The move is expanding a month long rally for the Ethereum network’s native token, which also continues to surpass Bitcoin after years of severe relative weakening. ETH/BTC ratio rose over 0.37 on Tuesday, now higher by almost 50% over the past month, though still lower with 15% year-over-year.
An important driving force in recent weeks has been waving influx to US Eths exchange -traded funds. On Monday, Ether ETFs saw a record $ 1 billion in daily influx and again surpassed their Bitcoin equivalents.
“Ethereums better than today, with a gain of over 4% against Bitcoin’s muted features, reflecting the market’s focus on its own set of powerful catalysts,” said Axel Rudolph, Senior Technical Analyst at IG. “Institutional influx in us spot ETFs after US CPI pressure, combined with growing confidence in the network’s recent upgrades, proves far more compelling to investors than the wider macro-driven momentum that supports Bitcoin.”
Supporters have increasingly called Ethereum “Blockchain of Wall Street”, which points to its central role in the tokenization of assets, hosts decentralized financing platforms and power settlement systems similar to traditional market infrastructure.
“We see a wave of renewed interest from institutional and sophisticated investors who consider ETH as more than just a ‘second place’ crypto,” said David Siemer, co -founder and CEO of Wave Digital Assets. “They see it as the backbone of defi, tokenization and the biggest smart contract ecosystem.”
“Given the background of greater legislative clarity out of the United States and the adoption of the Genius Act combined with one-focused digital asset boxes such as Sharplink, which buys significant amounts of the token, and a resurgence in defi activity across single-focused protocols, it is clear that there is a broader institutional interest in the ecosystem system,” he said. “
If Fed supplies the rate that is cutter dealers, the combination of looser monetary policy, strong ETF demand and strategic positioning of large investors may additional fuel for ETH’s driving – although with previous competitions, volatility can prove just as intense on the way down.
Update (12 August, 17:53 UTC): Adds additional comments from David Siemer, co -founder and CEO of Wave Digital Assets.
