In recent days, Ethereum has shown significant growth, reaching a six-month high following the enactment of new stablecoin legislation in the U.S., which also led to record inflows into ETFs.
U.S. Legal Framework for Stablecoins
On July 18, the U.S. President signed the GENIUS Act, creating the first clear legal framework for stablecoin regulation. This event is expected to lead to a wave of institutional funds and accelerate cryptocurrency adoption.
Ethereum Surpasses 50% Growth
Ethereum has reached a six-month high of $3,677, increasing 50% from its recent low of $2,400. Market participants attribute this to the advancement of the GENIUS Act and the growing interest in ETFs and staking.
Future Prospects for Ethereum
Analysts like Michaël van de Poppe highlight that Ethereum is likely to continue growing over the next 12 to 24 months due to increased inflows into ETFs and the approval of the Stablecoin Bill. There is also a trend of companies accumulating Ethereum reserves.
Thus, Ethereum is experiencing a significant rise in both price and institutional investor interest. The new stablecoin legislation and record ETF inflows open prospects for further growth.
