Solana News Today: Ethereum Surpasses $4,300, Overtakes Mastercard in Market Cap

Ethereum (ETH) has climbed 1.45% in the last 24 hours, reaching $4,313.21, extending its gains over the past 7 and 30 days [1]. This rise has propelled ETH into the 22nd largest asset by market capitalization, surpassing Mastercard’s market cap of nearly $520 billion [1]. The milestone reflects growing investor confidence in Ethereum and the broader adoption of cryptocurrencies as traditional financial benchmarks are increasingly challenged.

The surge in ETH’s price is being driven by strong on-chain activity and ETF inflows. According to Sosovalue data, Ethereum ETFs saw $461.21 million in net inflows, outpacing Bitcoin’s $403 million [1]. Whale activity has also been robust, with a major investor accumulating 221,166 ETH worth $946.6 million from FalconX, Galaxy Digital, and BitGo [1]. BitMEX co-founder Arthur Hayes recently added 1,250 ETH for $5.29 million to his portfolio, further underscoring bullish sentiment.

Technical analysts are highlighting promising patterns for Ethereum. Lord Hawkins, a technical analyst, notes that ETH is breaking out of a Wyckoff Accumulation pattern, signaling a potential markup phase toward $6,000 [1]. Analyst Titan of Crypto points to a breakout from a multi-year symmetrical triangle, suggesting a target of $8,000 [1]. Meanwhile, Nilesh Verma draws parallels to past bullish cycles, predicting a minimum of $10,000 and a bullish case of $16,000–$20,000 within 6–8 months [1].

Polymarket traders are also optimistic, with a 96% probability assigned to ETH reaching $4,400 and a 76% probability of surpassing its all-time high of $4,878 [1]. ETH is currently just 13% away from this level, indicating that a new peak is within reach.

Ethereum co-founder Vitalik Buterin now holds 240,042 ETH, valued at approximately $1.01 billion, becoming an “onchain billionaire” [1]. This development highlights the growing significance of Ethereum within the crypto space and its increasing influence in the global financial system.

The broader crypto market has also shown strength. Bitcoin recently hit a record high of $122,838, reinvigorating investor sentiment and suggesting the potential start of a new bull market [2]. Solana (SOL) has also gained momentum, surging 8% with $4.4 billion in trading volume, fueled by both retail and institutional interest [3]. The network is seeing all-time highs in monthly non-voted transactions and transactions per second [4], with some analysts suggesting it could outperform Ethereum in the long run [5].

However, while the outlook is generally positive, caution remains warranted. Some Solana-based tokens have shown signs of forming double-top patterns, which could signal a potential pullback if not confirmed by further strength [11]. Volatility remains a key risk, especially in the meme coin segment, where sharp corrections are possible after rapid price surges [12].

Ethereum’s next key price target is $4,500 [1], and whether it can hold above $4,300 will be crucial in determining the trajectory of its upward trend. The growing adoption of Ethereum-based Layer 2 solutions, combined with strong ETF inflows and whale accumulation, has bolstered its resilience [13]. As its market cap continues to challenge traditional financial benchmarks, Ethereum is increasingly being viewed as a credible asset class with global financial implications [1].

Source:

[1] (Ethereum Surpasses $4.3K, Flips Mastercard's Market Cap) (https://www.tradingview.com/news/cryptonews:ef4b3547e094b:0-ethereum-surpasses-4-3k-flips-mastercard-s-market-cap-further-breakout-likely/)

[2] (Crypto Price Prediction Today 5 August – XRP, Solana, Cardano) (https://cryptonews.com/tags/solana/)