Recent growth in Ether's value was supported by significant news regarding BitMine's plans in the market. Amid these developments, ETH is nearing its record price.
BitMine's Increased ETH Accumulation Plans
Ether (ETH) reached $4,457, its highest level since December 2021, following the announcement from BitMine Immersion Technologies about plans to raise up to $20 billion for ETH purchases. Combined with earlier accumulations, the company's total ETH holdings reach $24.5 billion.
Market Analysis and Predictions
Many analysts have expressed optimistic forecasts for ETH. Notably, crypto trader and analyst Michaël van de Poppe stated that 'this move is comparable to the Bitcoin ETF launch, when prices continued to rally.' ETH is expected to achieve new all-time highs before experiencing any consolidation.
Bitcoin's Stability and CPI Impact
Despite the positive news for Ether, Bitcoin continues to hover below $120,000, failing to react significantly to the cooler US Consumer Price Index (CPI) data. Popular trader Rekt Capital noted optimism, suggesting that BTC/USD is still attempting to form fresh support after breaking a multi-week downtrend.
Hence, ETH demonstrates significant growth driven by BitMine's plans, potentially leading to new records. In contrast, Bitcoin remains cautious, with its future contingent upon further market signals.
