Flagship altcoin Ethereum (ETH) has reached a brand new file excessive for the primary time in practically 4 years.
The token hit a brand new file peak of $4,885 at 21:08 UTC on the Bitstamp change, surging by greater than 15% in a single day.
Within the meantime, Bitcoin’s dominance has now plunged to simply 56.5%, based on CoinGecko knowledge.
As reported by U.At the moment, ETH’s monster surge got here after Federal Reserve Chairman Jerome Powell explicitly signalled that there can be a charge lower subsequent month.
Practically $300 million value of shorts get worn out
CoinGlass knowledge exhibits {that a} whopping $287 million value of shorts have been liquidated over the previous 24 hours. For comparability, solely $67 million value of Bitcoin shorts acquired worn out over the identical time period.
A $10 million ETH liquidation order happened on the OKX change earlier immediately.
$5,000 in sight?
In response to Polymarket bettors, ETH now has a 74% likelihood of hitting the much-coveted $5,000 stage this August.
In truth, there’s a 29% likelihood of the flagship altcoin surging all the way in which to the $5,400 stage over the past week of this August.
The chances of ETH hitting $10,000 in 2025 at present stand at 16% on Polymarket.
