The value of Ethereum (ETH) reached $3,500 on Monday, marking the highest point it has been at in four months since it surpassed this amount on July 21. However, at the time of publishing, it has decreased slightly to around $3,475, recording 3.6% growth compared to the previous day and 11.4% in the past week, as reported by CoinGecko, which is the biggest weekly increase among the top five cryptocurrencies by market cap.
In the previous year, Ethereum was often the subject of jokes among crypto enthusiasts due to its lower gains compared to other major tokens. While Bitcoin (BTC) rose 133% and Solana (SOL) increased 150%, ETH only climbed 49% since the beginning of the year. However, the recent surge has allowed Ethereum to outperform its competitors, with a 3.6% increase in the past 24 hours, resulting in a market cap of $422 billion.
Meanwhile, Bitcoin and Solana experienced growth of just 1% and 1.4%, respectively. Consequently, $24.6 million worth of Ethereum shorts have been liquidated in the past 24 hours, according to CoinGlass. This news comes as Ethereum exchange-traded funds (ETFs) saw inflows of $91.3 million on Friday, following six days of outflows totaling $222.7 million, as per CoinGlass data.
Since Donald Trump became the 47th President of the United States, the crypto market has generally seen positive growth, thanks to pro-crypto promises made by the Republican candidate. These include the creation of a strategic Bitcoin reserve and an end to the SEC’s crypto crackdown. Despite Trump’s focus on Bitcoin, his family has also launched an Ethereum-based crypto project called World Liberty Financial, which is a borrowing and lending platform.
It is also expected to issue a stablecoin pegged to the U.S. dollar. Although Trump is a key part of World Liberty Financial’s branding and messaging, the project’s website claims that neither Trump nor his family members are official employees. Despite this, the involvement of the U.S. President in an Ethereum crypto project is a significant step towards mass adoption.
However, Ethereum is currently 28.4% below its all-time high of $4,878, as reported by CoinGecko in 2021.
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<p>The post Ethereum price hits $3,500, the highest in four months, as the cryptocurrency gains on its competitors and sees inflows in exchange traded funds (ETFs). first appeared on CoinBuzzFeed.</p>
