Ethereum reached an all-time high today as Jerome Powell’s recent speech caused a major spike. Recent institutional inflows are allowing it to contest Bitcoin’s market dominance.
ETH’s performance may even trigger an altcoin season soon, as some analysts have theorized. At present, the token has a lot of forward momentum.
Ethereum’s New All-Time High
Ethereum’s price has gone up and down lately, balancing rampant institutional inflows on one hand with massive trader liquidations on the other. Still, today, the token began a substantial price spike after Jerome Powell’s Jackson Hole speech. This was a big boost for Ethereum, which just reached a new all-time high:
A few factors can help explain Ethereum’s recent performance. $5 billion in ETH and BTC options were set to expire during or before Powell’s speech, and Ethereum is seriously contesting Bitcoin’s market dominance right now. $245 million worth of ETH short positions were liquidated today as Ethereum reached this all-time high.
Moreover, CoinMarketCap is predicting that an altcoin season may be imminent, and ETH is a clear favorite to lead it. Between these factors, Ethereum has a lot of things supporting it, and it could keep growing past this all-time high.
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