<p>Bengaluru: The second-largest cryptocurrency, Ethereum, on Monday crossed an all-time high of over $4,900, driven by multiple factors, including US Federal Reserve Chairman Jerome Powell's indication of a possible interest rate cut next month. On Monday evening, the cryptocurrency was trading at over $4,615. This is the first time the cryptocurrency has touched the $4,900 mark after four years. Its previous record was $4,878 in November 2021.</p><p>Over the past 48 hours, about 200,000 ETH (Ethereum) have been withdrawn from exchanges, suggesting a potential supply squeeze in the near term, said Edul Patel, CEO of Mudrex, a crypto exchange. He added that ETH’s next leg of rally could breach the $5000 mark with strong support at $4,400.</p>.Bitcoin gains 8.9% in July; Ethereum reclaims $4,300 level.<p>On Monday evening, Bitcoin was trading at above $1,11,520, and experts said the potential rate cut discussion has lifted risk appetite.</p><p>Himanshu Maradiya, Founder and Chairman, CIFDAQ, a cryptocurrency exchange, said Bitcoin held firm at key support levels, leaving traders closely watching for signs of either a breakout or a potential pullback.</p><p>"At the macro level, market sentiment is being shaped by heightened discussion around the US Federal Reserve’s upcoming September meeting," Maradiya added.</p><p>Raj Karkara, COO, ZebPay said this achievement reflects growing institutional confidence, the maturation of Layer 2 scaling solutions, and the efficiency gains delivered by the Merge, subsequent upgrades, and the upcoming Fusaka upgrade, which will enhance data availability and scalability through innovations like PeerDAS.</p><p>"As the ecosystem continues to expand with innovations such as rollups and on-chain liquidity protocols, we are witnessing Ethereum cement its position as the foundational layer for Web3. The price action underscores the market’s recognition of its utility-driven value proposition and long-term scalability," he added.</p>
<p>Bengaluru: The second-largest cryptocurrency, Ethereum, on Monday crossed an all-time high of over $4,900, driven by multiple factors, including US Federal Reserve Chairman Jerome Powell's indication of a possible interest rate cut next month. On Monday evening, the cryptocurrency was trading at over $4,615. This is the first time the cryptocurrency has touched the $4,900 mark after four years. Its previous record was $4,878 in November 2021.</p><p>Over the past 48 hours, about 200,000 ETH (Ethereum) have been withdrawn from exchanges, suggesting a potential supply squeeze in the near term, said Edul Patel, CEO of Mudrex, a crypto exchange. He added that ETH’s next leg of rally could breach the $5000 mark with strong support at $4,400.</p>.Bitcoin gains 8.9% in July; Ethereum reclaims $4,300 level.<p>On Monday evening, Bitcoin was trading at above $1,11,520, and experts said the potential rate cut discussion has lifted risk appetite.</p><p>Himanshu Maradiya, Founder and Chairman, CIFDAQ, a cryptocurrency exchange, said Bitcoin held firm at key support levels, leaving traders closely watching for signs of either a breakout or a potential pullback.</p><p>"At the macro level, market sentiment is being shaped by heightened discussion around the US Federal Reserve’s upcoming September meeting," Maradiya added.</p><p>Raj Karkara, COO, ZebPay said this achievement reflects growing institutional confidence, the maturation of Layer 2 scaling solutions, and the efficiency gains delivered by the Merge, subsequent upgrades, and the upcoming Fusaka upgrade, which will enhance data availability and scalability through innovations like PeerDAS.</p><p>"As the ecosystem continues to expand with innovations such as rollups and on-chain liquidity protocols, we are witnessing Ethereum cement its position as the foundational layer for Web3. The price action underscores the market’s recognition of its utility-driven value proposition and long-term scalability," he added.</p>