Ethereum Price Aims for $5k Next As BitMine Unveils $24B Deal

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Ethereum Price Aims for k Next As BitMine Unveils B Deal — Heres When Ethereum Price Will Hit New ATH While Altcoins Surging Nearly 70.png

Ethereum (ETH) has experienced a rapid surge in price, surpassing the expectations of many traders. The large-cap altcoin, valued at approximately $542 billion, saw a significant increase of over 4.4 percent in the last 24 hours, reaching a multi-year high of around $4,500 for the first time since December 2021.

The impressive bullish breakout of ETH on Tuesday resulted in the liquidation of over $157 million, with short traders accounting for $102 million of that total. This ongoing short-squeeze has heightened the possibility of Ether price reaching its all-time high (ATH) before the end of August.

Institutional investors have been pouring massive amounts of cash into the Ethereum network in recent weeks. U.S. spot Ether ETFs saw a staggering $1.02 billion in net cash inflow on Monday, led by BlackRock’s ETHA and Fidelity’s FBTC. Companies that have integrated Ethereum treasuries have also seen a significant increase in their holdings. For example, BitMine expanded its equity program by $20 billion, bringing the total to around $24 billion for the purchase of more Ether. Additionally, SharpLink Gaming acquired 5,226 Ether on Tuesday, increasing its net holdings to 604,026 ETH, valued at over $2.6 billion. A newly created wallet also withdrew 23,365 ETH from Kraken, amounting to approximately $104 million.

The question arises whether the current market conditions signal the start of an altseason or if it is solely an Ether season. With Ether price hovering less than 10 percent below its all-time high, speculative FOMO traders have fueled the possibility of an altseason. While Bitcoin price remains stagnant below a critical resistance level of $120k, other large-cap altcoins like Chainlink (LINK), Dogecoin (DOGE), and Solana (SOL) have shown a bullish sentiment for the midterm.

Crypto analyst Benjamin Cowen has suggested that the current bullish trend is primarily an Ether season rather than a full-fledged altseason. However, the anticipated Federal Reserve rate cut in September could potentially trigger a broader crypto bull rally in the near future.