Ethereum, the second-largest cryptocurrency after Bitcoin, has surged to nearly $4,600, just $200 below its all-time high from November 2021. This 9% jump in the past 24 hours, as per CoinMarketCap, has pushed its market capitalization to $560.56 billion. Ethereum has notably outperformed Bitcoin this August, gaining 25% compared to Bitcoin’s 3% rise, according to Delta Exchange’s Piyush Walke.
The rally is being driven by institutional interest, strong ETF inflows, and increased on-chain activity. Spot Ether ETFs saw a record $1.01 billion in daily net inflows, pushing ETH’s 40-day gains to 90%. Ethereum’s recent momentum has also lifted co-founder Vitalik Buterin’s net worth back above $1 billion.
Institutions such as Bitmine and SharpLink have significantly increased ETH holdings, reinforcing technical breakouts. Meanwhile, Bitcoin fell to $118,989 despite a 4.25% gain over the past week.
Experts believe Ethereum’s institutional appeal is growing, with firms like BlackRock and Fidelity backing its potential. As ETH rises, analysts anticipate a broader altcoin rally, signaling a possible altcoin season ahead.
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