Ethereum (ETH) Price Surge: Eyes 2021 All-Time High
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Ethereum (ETH) Approaches All-Time High
Ether, the second-largest cryptocurrency, is rapidly approaching its all-time high of $4,800 reached in November 2021. On Tuesday afternoon, ETH traded above $4,600, marking its highest level in nearly four years.
Market analysts anticipate a potential breakout, signaling the start of a new altcoin season. Notably, Bitcoin dominance has dipped below 60% as Ethereum gains market share.
Key Factors Driving the Rally
- Short Squeeze: The recent price surge triggered over $120 million in short liquidations within a single hour, according to CoinGlass data.
- Treasury Holdings: The momentum is largely driven by Ethereum treasury companies, collectively holding over $9 billion worth of ETH.
- BitMine Expansion: BitMine, the largest holder with 1.15 million ETH (approximately $5 billion), recently announced plans to expand its equity program to $24.5 billion to further increase its ETH holdings.
- ETF Inflows: Spot Ethereum ETFs have seen significant growth, with their combined market cap increasing by about $5 billion in the past month. Total net inflows since their launch in July 2024 have reached $9.4 billion.
The Ethereum market shows bullish signs, potentially leading to new highs.