Hassan Maishera
Key takeaways
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Ethereum’s ETH is approaching its all-time high price while Bitcoin steadies around $118k.
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Altcoins outperformed Bitcoin over the weekend as the market remains bullish.
ETH Approaching All-time High After Hitting $3,800
Ether, the native coin of the Ethereum blockchain, performed excellently over the weekend. The coin added over 3% to its value in the last 24 hours to briefly hit the $3,800 mark.
At press time, ETH is trading at $3,772 and could be set for a further rally in the coming hours. Thanks to this rally, Ether is now 23% away from the all-time high of $4,891 it reached in 2021.
The rally also comes after a whale is reported to have bought about $50 million in ETH over the weekend at an average price of $3,714. Major financial institutions and treasury companies have started to pour capital into the digital asset, while Wall Street's heavyweights are starting to pay attention to ETH.
Last week, U.S.-listed spot ether ETFs saw record inflows of $2.18 billion, the highest ever since they launched in July 2024.
Analysts are now optimistic that ETH’s price would surge higher in the medium to long term. Tom Lee, the head of research at Fundstrat, CIO of Fundstrat Capital, and Chairman of Bitmine Immersion Technologies (BMNR), believes that Ether could reach as high as $15,000.
Bitcoin Stabilizes Around $118k as Altcoins Rally Higher
Bitcoin, the leading cryptocurrency by market cap, has stabilized around the $118k mark over the past few days. At press time, BTC is trading at $118,350, up by less than 1% in the last 24 hours.
However, altcoins have been rallying higher over the last couple of days. With ETH leading the charge, XRP is also up 2.5% over the last 24 hours and now trades at $3.5 per coin.
Dogecoin is the best performer in the top 10, up 7% while Solana (5%) and Cardano (4.5%) have also performed excellently. The total cryptocurrency market now stands at $3.92 trillion, up 1.4% in the last 24 hours.
