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Bitcoin hits a new high: Ethereum breaks through $3,000

As Bitcoin hit a new all-time high, Ethereum also surged.

By Mike Hesp
• 2 min read
Bitcoin hits a new high: Ethereum breaks through $3,000

While Bitcoin hit a new all-time high, Ethereum rode the wave strong. In the overnight hours Thursday to Friday, the second-largest crypto for the first time since February breached the psychologically important $3,000 threshold again.

As of this writing, ETH has slipped back slightly to around $2,961, but that still amounts to a daily gain of nearly eight percent. Ethereum’s market capitalization has risen to $355 billion.

A possible driver of the rally is the impressive performance of the U.S. Ethereum Spot ETFs. They drew more than $200 million in new capital in a single day, a clear signal that institutional investors are getting more active with ETH.

Companies are also starting to include Ethereum in their balance sheets. For example, GameSquare announced on Tuesday a $100 million investment in the cryptocurrency. Additionally, Ethereum is riding the explosive growth of the stablecoin market, which has been turning the financial sector on its head since the start of this year.

But where there are winners, there are also victims. Shorters took a beating: in the derivatives markets over the past 24 hours more than $1 billion worth of positions were liquidated. A whopping $961 million of that were short positions – tough luck for those betting on a price drop.

In the broader crypto community, hope is growing for an upcoming Altcoin Season. The Altcoin Season Index is currently at 24. For an official start, a score of 75 is needed – in other words: 75 percent of altcoins must do better than Bitcoin. And honestly, that isn’t in the cards in the near term.

Still: if this trend continues, Ethereum could be the frontrunner of a broader market shift.

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