Ethereum (ETH)
$4,632, the largest altcoin by market valuation, has now surpassed major companies such as Netflix (NFLX) and Mastercard (MA) and is closing in on the American pharmaceutical giant Eli Lilly. On Tuesday, Ethereum’s price surpassed $4,600, and by Wednesday, it surged to an intraday high of $4,682. This climb marks its approach to record levels not seen since November 2021, with a mere 5% rise needed to hit a new peak.
Ethereum Inches Toward Record Heights
The last two days of Ethereum’s price movements have allowed it to overtake top companies in market value. A strong wave of buying and an increase in transaction volume have pushed its price near all-time highs once again, nearly three years later.
According to predictions on the Polymarket platform, investors estimate an 84% chance that ETH will reach the $5,000 mark by the end of the year. The likelihood of it climbing to $6,000 is priced at 59%. For the medium term, the probability of reaching $10,000 by year-end stands at 12%.
The well-known market analyst Tom Lee predicts that ETH could soar to $16,000 in the current bullish cycle. This bold prediction, when considered alongside the current price momentum and substantial investor interest, enhances the overall optimism.
As per the data from Companiesmarketcap, should Ethereum maintain its current rally, it will reach the asset size of $589.84 billion, matching the SPDR S&P 500 ETF Trust (SPY). Achieving this milestone would confirm that the cryptocurrency market is now comparable to large traditional investment vehicles.
Spot Ethereum ETFs Reinforce the Ascent
In the United States, strong inflows into spot Ethereum ETFs further bolster the ongoing momentum. According to SoSoValue’s data, there were additional inflows of $523 million into ETFs on August 12. On Monday, for the first time in history, single-day inflows exceeded $1 billion.
Sustained demand is helping to maintain the strong momentum of Ethereum’s price. This trend strengthens Ethereum’s chances of climbing higher in the market valuation rankings.
