Ethereum continues to amaze investors, hitting a record level of $4,867. Let's delve into the reasons behind this soar and its potential impacts on the crypto market.
Ether Price Rises 250%
The price of Ether (ETH) has risen by 250% since April this year, including a 14% gain in just one day on Friday, when Federal Reserve Chair Jerome Powell indicated a possible interest rate cut. He stated:
> "However, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
Corporate Investment in Ethereum
Corporate investments are also significant for Ethereum's growth. Over the past month, companies have increased their ETH treasuries by about $1.6 billion. Currently, these assets amount to over $29.75 billion.
Decline in Bitcoin Dominance
While Ethereum continues to surge, Bitcoin's dominance in the crypto market has dropped below 60% for the first time in four months. This indicates a rotation of capital back into altcoins such as Ether. In the past week, Ethereum-related investment products attracted $2.86 billion.
The overall interest in Ethereum and price growth, along with changes in Bitcoin's dominance, may signal new trends in the crypto market where Ethereum is increasingly seen as a utility-rich asset.
