Ether (Et) The highest prices have risen to 5% in the past 24 hours up to $ 4,470, the highest price since December 2021.
Helping with bullish action in crypto in general was Tuesday morning Consumer Price Index report. While the data is mixed and the inflation remains above the 2% target of the Federal Reserve, market participants raised bets at US Central Bank’s interest rates of interest rates at its next meeting in September.
Strengthening the ether in particular is a new massive leg higher in the growing movement movement in the corporate treasury. The owner of approximately $ 5 billion in ETH, Tom Lee’s Immersion Technology (BMNR) revealed Plans to raise up to $ 20 billion in capital for further purchase.
The move is up to a month rally for the native token of the Ethereum network, which also continues to grow more than the growth of Bitcoin after years of severe relatives who are weak. The ratio of eth/btc Rose above 0.37 on Tuesday, is now up nearly 50% in the last month, even less than 15% year-on-year.
A major driver in recent weeks has been the flow of funds that have been exchanged by Ether Ether. On Monday, the Ether ETFS saw a record of $ 1 billion in the sunset, again to exceed their Bitcoin equivalent.
“Today’s Ethereum outperformance today, with the benefit of more than 4% against the migratory transition of Bitcoin, reflects the market focus on its own set of powerful catalysts,” said Axel Rudolph, senior technical analyst on IG. “The institutional outflows in the US Spot ETFS following the US CPI printing, in conjunction with the growing trust in recent network upgrades, have proven to be more engaging for investors than the broader momentum driven by the MacRO to support Bitcoin.”
Supporters are especially called Ethereum “The Blockchain of Wall Street,” pointing to its middle paper on tokenizing assets, which contains decentralized financial platforms and regulating systems that resemble traditional market infrastructure.
“We see a wave of modified interest from institutional and sophisticated investors who have viewed ETH more than a ‘second place’ crypto,” said David Siemer, co-founder and CEO of Wave Digital Assets. “They see it as the spine of the defi, tokenization, and the largest ecosystem of the smart contract.”
“The backdrop provided greater clarity of regulation outside of the US and the passage of the Genius Act, combined with ethical -focused tokens, and a resurrection of the DEFI activity throughout ethical -focused protocols, clearly with greater interest in the institutional ecosystem,” he said.
If the Fed delivers the rate of traders who are betting, the combination of more looser financial policy, the powerful demand of ETF and strategic positioning of large investors can be more vomiting ETH’s running – though, like previous rallies, the vices can prove as intense as it decreases.
Update (August 12, 17:53 UTC): Adding additional commentary from David Siemer, co-founder and CEO of Wave Digital Assets.
