Just two days after finally breaking past its all-time high mark set all the way back in November 2021, Ethereum climbed to an even higher peak on Sunday.
Ethereum rose as high as $4,945 on Sunday, per data from CoinGecko, while CoinMarketCap shows an even higher jump to $4,948. ETH remains close to both marks, currently sitting at a price of $4,935 and up 4% on the day, according to CoinGecko.
The latest move comes after ETH surpassed the long-standing record of $4,878 set in November 2021. Ethereum skyrocketed in price Friday, with the rally triggered by Federal Reserve Chair Jerome Powell's comments suggesting potential interest rate cuts.
That caused Ethereum to jump nearly 8% in an hour, with the broader crypto market also surging following these remarks. By the time ETH inched past its previous record in the late afternoon Friday, it was up 15% on the day.
Several factors have driven Ethereum's recent boom. U.S. spot Ethereum ETFs have seen unprecedented demand, recently collecting over $1 billion in inflows in a single day for the first time since launching last year. The funds have been outperforming Bitcoin ETFs in recent weeks, flipping the earlier trend of BTC dominance.
Corporate accumulation by Ethereum treasury companies has also contributed to the surge. BitMine Immersion have amassed over $7 billion in ETH holdings, while SharpLink Gaming has accumulated more than $3.6 billion worth of the cryptocurrency.
Regulatory developments have further boosted Ethereum's prospects. The SEC provided clearer guidance on staking services, allowing liquid staking providers to pay rewards without agency registration—a significant shift from the previous Biden administration's more restrictive approach under President Trump.
Furthermore, the GENIUS Act's passage established a U.S. regulatory framework for stablecoins, which predominantly operate on the Ethereum blockchain and are typically pegged to the U.S. dollar.
Will Ethereum continue rising and push past the $5,000 mark for the first time? Myriad users think it's very likely, with 94% of them expecting it to reach that milestone by the end of 2025. (Disclaimer: Myriad is a product of Decrypt's parent company, DASTAN.)