Ether Hits 6-Month High, Nears $3,700
On Friday, July 18, Ether (ETH), the second-largest cryptocurrency after Bitcoin, climbed to $3,677—its highest price since early January.
Since the beginning of July, Ether has jumped more than 50%, after dropping to around $2,400.
Why is Ether going up?
Experts say several reasons are behind this rise:
- New Laws: The U.S. government approved the GENIUS Act, which gives more clarity and support to stablecoins. This has boosted investor confidence in Ethereum.
- BlackRock News: Investment giant BlackRock filed to allow Ether staking in its ETF product, which could attract more big investors.
- DeFi Growth: Ethereum is the backbone of many decentralized finance (DeFi) projects. As interest in DeFi grows, so does demand for ETH.
- Investor Shift: Some investors are moving money from Bitcoin to Ethereum and other altcoins because ETH has more room to grow.
- ETF Buying: A surge in ETH purchases from spot ETFs shows strong interest from institutions.
- Staking Activity: About 30% of all ETH is now locked in staking, meaning less ETH is available to trade. This limited supply can drive prices higher.
- Market Rotation: Many traders believe ETH is undervalued compared to Bitcoin, so they are buying ETH while it's still relatively cheap.
Experts believe if this momentum continues, ETH could see even more gains in the coming weeks.
