Ether strikes a fresh record, Bitcoin erases the gains from the Jackson Hole rally

Ether Increased a new record during the weekend, after reaching a top of all time on Friday for the first time since 2021.

The price of the second largest cryptocurrency increased up to $ 4,954.81 Sunday afternoon. It was higher than 1% to $ 4,776.46.

In the meantime, bitcoin At one point, erased all the gains from its Friday rally, falling as low as $ 110,779.01, its lowest level since July 10. It was down for the last time by almost 2% to around $ 112,000. The flagship cryptocurrency reached its latest record of $ 124,496 on August 13.

On Friday, Crypto exploded with the wider market after the president of the federal reserve, Jerome Powell, referred to future rate drops and investors returned to risk mode. The ether jumped 15% and Bitcoin earned 4%.

Ether, rather than bitcoin, has directed the cryptographic marker for several weeks thanks to the regulatory tail winds, a boom of interest in stablecoins and mass purchase by a new cohort of corporate ether accumulators. SATURDAY, Bitmine immersion technologiesThe Treasury ether company chaired by the Wall Street Tom Lee bull, bought $ 45 million in ether, according to the Crypto Arkham data supplier.

This change of leadership helped maintain ETH, which supported the level of $ 4,000 this month after having tested the resistance margin of a handful of times since 2021.

“Buyers are finally larger than sellers,” said Ben Kurland, CEO of the Crypto Dyor research platform. “FNBT FNBT attract regular entries, and public enterprises are starting to treat ETH as a cash active ingredient they can make for yield – a more sticky form of demand than retail.”

“In addition, nearly a third of the supply is locked in the development, the scaling solutions are mature and, with rate reductions on the table, the cost of capital is declining,” he added. “These forces have transformed $ 4,000 at a level of resistance into a base for the reassessment of the next chapter of ETH.”