Ethereum News Today: Ethereum Surges 50% in Four Weeks, Reclaims January Heights

Ethereum (ETH) has recently experienced a significant resurgence, achieving key milestones that have ignited market enthusiasm. The world’s second-largest cryptocurrency has surged over 50% in less than four weeks, reclaiming heights last seen in late January. This surge has been accompanied by a record-breaking 152.03 million non-empty wallets, the most extensive active user base in the cryptocurrency market.

The dramatic rebound in Ethereum’s price has captured the attention of the crypto community, triggering the highest level of social media discussions since May 2024. Market intelligence platforms indicate that ETH was the top trending crypto asset in the last 24 hours across various social media platforms, with conversations predominantly characterized by bullish sentiment as users set their sights on $4,000. This uptick seems to have been fueled by a combination of institutional accumulation and renewed investor enthusiasm following Bitcoin’s recent run to a new all-time high.

On July 16, spot Ethereum ETFs shattered records, attracting more than $726 million in net investments. Leading the charge was BlackRock’s iShares Ethereum Trust (ETHA), which registered its highest single-day inflow since launch with a $489 million haul. With Fidelity and Grayscale also reporting substantial capital entries, corporate holdings of the asset have swelled to 1.6 million ETH, valued at an estimated $5.3 billion. As noted by the Strategic Eth Reserve, accumulation is now occurring 36 times faster than new ETH issuance.

In the last 24 hours, the cryptocurrency rose 10% to trade around $3,450. In the past seven days, its value increased by 25%, vastly outperforming Bitcoin’s 6.8% growth in the same period. More notably, SwissBlock’s recent Altcoin Vector report hinted at ETH’s growing magnetism for liquidity after noting a steady rise in the ETH/BTC ratio. The report suggests that Ethereum is now the cycle’s next leg after BTC briefly retreated to under $116,000 before bouncing back close to $119,000.

The milestone of 152.03 million non-empty wallets, highlighted by Santiment, is viewed by watchers as a sign of the network’s expanding user base and fundamental health. The mass fear of missing out (FOMO) has now shifted to ETH, with many expecting its price to hit $4,000 imminently. Others, like on-chain analyst AbramChart, suggest that the asset will fly to new all-time highs past $5,200 if BTC’s dominance decreases.