Following hints from Fed Chair Jerome Powell that the central bank would likely cut rates in September, ethereum finally rallied to a new record high of $4,885, pushing past its previous record of $4,878 set in 2021.
The second-largest cryptocurrency has been flirting with a new all-time high for weeks as public companies like BitMine scoop up billions of dollars’ worth of tokens and as ethereum spot ETFs see a growing swell of inflows.
Clearer US regulatory policy regarding cryptocurrency has also boosted the token. President Donald Trump signed the GENIUS Act into law in July bringing regulations for stablecoin issuance, a move expected to boost the ethereum ecosystem, which has the largest supply of stablecoins among all blockchain networks.
Year to date, ethereum has jumped over 40%, outpacing its older sibling bitcoin, which has risen roughly 24% this year. The market capitalization of ethereum, at over $587 billion, is…
