Ethereum reaches new all-time high: ETH at $4,900

• ETH investors had to wait almost four years. Now it's done: Ethereum has reached a new all-time high and is trading at just under $4,900 at the time of writing. This puts the coin up almost 15 percent over the past 24 hours.
• Bitcoin has risen to over $117,000 in parallel, but is still around $7,000 away from a new record high.
• The reason for the recent crypto rally is a surprisingly dovish speech by Fed Chairman Jerome Powell, which has boosted expectations of a US interest rate cut in September.
• In April, ETH fell below $1,500 following the general turmoil in the financial markets. Since then, the second-largest cryptocurrency has celebrated a spectacular comeback.
• The main reason for the rally is the Ethereum treasury investments of BitMine, Sharplink Gaming, and others. BitMine recently announced that it intends to increase its share sale program and raise twenty billion US dollars for ETH purchases.
• Recently, Ethereum treasury company SharpLink caused a stir when it announced a share buyback program. The reason: The necessary funds could come from ETH sales.
• But spot Ethereum ETFs have also seen billions in inflows in recent weeks. On August 11 alone, over one billion US dollars flowed into investment products from BlackRock and others – a new record. At times, ETH funds recorded inflows almost six times higher than BTC ETFs.
• The broader altcoin market also benefited from the risk-on sentiment. ETH-related assets, in particular, saw price increases. The biggest winners in this category are currently Ethereum Layer 2 Arbitrum, the base DEX Aerodrome, liquid staking provider Lido Finance, and stablecoin protocol Ethena.
• However, Bitcoin maximalist Samson Mow recently stated: “Nobody wants to hold Ethereum long-term.” He said that once the price is high enough, investors will sell their ETH and redirect the profits back into Bitcoin.

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