Ethereum News Today: Ethereum Surges 10% in 24 Hours, Nears All-Time High

Ethereum is gaining momentum as it inches closer to a new all-time high, currently trading near $4,700 after a nearly 10% surge within 24 hours [3]. The altcoin has outperformed Bitcoin in recent performance metrics, capturing significant on-chain activity and social media attention [4]. This rally has intensified speculation that Ethereum could soon surpass its 2021 price peak. The Ethereum Foundation recently sold $12.7 million worth of ETH at record prices, indicating strong market conditions despite the ongoing rally [5]. Meanwhile, Bitcoin has also seen a notable price increase, breaking above $122,000 amid rising spot ETF inflows and whale activity [1].

Amid this bullish environment, Bybit has released a 10-year growth outlook report, detailing Ethereum’s potential trajectory in the evolving digital asset landscape [6]. The report emphasizes the cryptocurrency’s growing adoption and performance during this “altcoin season,” aligning with its recent price action and broader market enthusiasm. The global crypto market capitalization has surpassed $4.07 trillion, reflecting renewed interest from both institutional and retail investors.

In a related development, Bullish made a significant debut on the New York Stock Exchange, with its shares surging 218% above the $37 IPO price. The IPO was oversubscribed, with 30 million shares issued, exceeding the original plan of 20.3 million [2]. The company, which acquired CoinDesk in 2023, has positioned itself as a regulated, institutional-grade player in the crypto space. This success underscores the increasing institutional interest in crypto-native firms, bolstered by favorable regulatory developments in the United States.

The convergence of Ethereum’s price rally and Bybit’s long-term strategic vision underscores the growing confidence in the crypto ecosystem. Market participants are closely monitoring whether Ethereum can sustain this momentum, as it may serve as an indicator of broader adoption and investor sentiment. Analysts suggest that continued strength in Ethereum’s performance could reinforce the broader bull market, though caution remains warranted in the face of potential corrections.

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Source:

[1] Bitcoin Smashes New All-Time High at $124457, Coinpedia, https://coinpedia.org/price-analysis/bitcoin-smashes-new-all-time-high-at-124457-can-it-hit-125k-today/

[2] Bullish stock surges 218% in NYSE debut as crypto enters..., CoinGlass, https://www.coinglass.com/ru/news/533267

[3] Ethereum Rockets to $4700 as Altcoin Season Talks Heat Up, Bitcoinsensus, https://www.bitcoinsensus.com/news/altcoins/ethereum-rockets-to-4700-as-altcoin-season-heats-up

[4] Top Trending Tokens in Crypto: Ethereum, Solana, and More, CaptainAltcoin, https://captainaltcoin.com/top-trending-tokens-in-crypto-ethereum-solana-and-more/

[5] Ethereum Foundation sells $12.7M ETH at yearly highs, Traders, https://tradersunion.com/news/cryptocurrency-news/show/433429-ethereum-foundation-sells-12-7m-eth/

[6] Ethereum Trades Above $4.6K as Bybit Releases 10-Year..., Blockchair, https://blockchair.com/news/ethereum-price-4600-edges-closer-all-time-high--594d59d88c72b69f