The price of Ethereum explodes to a new of all time high

It has been a wild ride, but the Ethereum prize has finally recovered its former of all time.

The move came after a recent correction, where the price of ETH was fallen to slightly higher than $ 4,000. The cryptocurrency saw a huge bouncement in the last 24 hours after the speech of the American Federal Reserve chairman Jerome Powell in Jackson Hole earlier on Friday.

The cryptocurrency reached a record high of $ 4880 at Bitstamp and exceeds its previous high of $ 4869 reached in November 2021.

ETH is currently trading on slightly lower than $ 4,900, which marks a respectable increase of 10% in the last seven days. It has recently been one of the best performing altcoins and has increased by more than 35% in the past month alone.

When Cryptopotato Reported earlier this month, the recent meeting will be in the largest Altcoin after the back of remarkable institutional investments. Only a few weeks ago, spot ETH-based listed funds marked a record inflow of more than $ 1 billion, with the Etha Fund of BlackRock more than 150,000 ETH collected in itself.

Respond about the issue was Nate Geraci, who said:

It feels like ETH ETFs were seriously underestimated, simply because Tradfi investors did not understand Ethereum. Now they hear ‘Backbone of future financial markets’ and it resonates.

But it’s not just ETFs. In the footsteps of Michael Saylor’s strategy, listed companies have the same playbook. Tom Lee Spearhead Bitmine became the first to accumulate a treasury of no less than 1,000,000 ETH.

In essence, ETH was at the intersection of institutional demand and companies that saved it for their treasury, while the entire cryptocurrency community had called an Altcoin season for many months. Many now speculate that this time the basic principles of ETH are much stronger compared to 2021 and that goals such as $ 10,000 and even outside are not unrealistic.