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Here’s Why Ethereum Price is Surging, and 2 Reasons it May Crash Soon
The post Here’s Why Ethereum Price is Surging, and 2 Reasons it May Crash Soon appeared on BitcoinEthereumNews.com. Ethereum price went parabolic today, August 12, helped by the strong institutional demand technicals. ETH jumped to $4,400 or the first time in years, up by 215% from the lowest level in April. This article explores the top reasons why ETH price is soaring and why it may crash soon. Why Ethereum Price is Surging Ethereum price is pumping as more institutions continue accumulating. Tom Lee’ BitMine, which now holds 833,000 coins, is preparing for a massive buying spree. In a statement, it said that it would raise $24 billion for this purchase. This is a massive amount considering that all Ethereum ETFs have over $25 billion in assets under management. Other Ethereum treasury companies like SharpLink and The Ether Machine have continued their buying spree. Similarly, spot ETH ETFs had inflows of $1 billion on Monday, the biggest daily buying spree since their inception. They have now accumulated over $10 billion in inflows, with BlackRock’s ETHA ETF leading the charge. Ethereum price is also soaring because of its market domination across most sectors in the crypto industry. It has a market dominance of over 66% in the decentralized finance industry, with top players like Aave, Lido, and EigenLayer dominating in their respective industries. Its total value locked (TVL) has increased by 32% over the last 30 days to exceed $200 billion. Ethereum is also the biggest chain in the stablecoin sector, where it holds over $138 billion in assets. This is notable as Donald Trump recently signed the GENIUS Act into law, making these tokens more mainstream. More data shows that the open interest in the futures market has soared to a record high of $60 billion, much higher than the April low of $17 billion. These numbers signal that the coin is seeing robust demand, which is a…
The post Here’s Why Ethereum Price is Surging, and 2 Reasons it May Crash Soon appeared on BitcoinEthereumNews.com.
Ethereum price went parabolic today, August 12, helped by the strong institutional demand technicals. ETH jumped to $4,400 or the first time in years, up by 215% from the lowest level in April. This article explores the top reasons why ETH price is soaring and why it may crash soon. Why Ethereum Price is Surging Ethereum price is pumping as more institutions continue accumulating. Tom Lee’ BitMine, which now holds 833,000 coins, is preparing for a massive buying spree. In a statement, it said that it would raise $24 billion for this purchase. This is a massive amount considering that all Ethereum ETFs have over $25 billion in assets under management. Other Ethereum treasury companies like SharpLink and The Ether Machine have continued their buying spree. Similarly, spot ETH ETFs had inflows of $1 billion on Monday, the biggest daily buying spree since their inception. They have now accumulated over $10 billion in inflows, with BlackRock’s ETHA ETF leading the charge. Ethereum price is also soaring because of its market domination across most sectors in the crypto industry. It has a market dominance of over 66% in the decentralized finance industry, with top players like Aave, Lido, and EigenLayer dominating in their respective industries. Its total value locked (TVL) has increased by 32% over the last 30 days to exceed $200 billion. Ethereum is also the biggest chain in the stablecoin sector, where it holds over $138 billion in assets. This is notable as Donald Trump recently signed the GENIUS Act into law, making these tokens more mainstream. More data shows that the open interest in the futures market has soared to a record high of $60 billion, much higher than the April low of $17 billion. These numbers signal that the coin is seeing robust demand, which is a…
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