Ethereum’s price surged by an impressive 14.12% in the last 24 hours, reaching a historic high of $4,817.76. This remarkable increase has propelled Ethereum’s market capitalization to over $581.75 billion, marking the second-largest daily price surge in its history. Ethereum is currently trading just 2.05% below its all-time high of $4,891.70 set back in November 2021. 📈
The upward trend was triggered by comments from Federal Reserve Chair Jerome Powell during the Jackson Hole economic symposium. In his speech at the event, Powell indicated a potential interest rate cut in September. While he provided no definitive promise, his remarks aimed to balance the risks posed by a potentially weakening job market with the ongoing inflationary pressures.
This statement sparked significant investor optimism. Before Powell’s speech, analysts estimated a 70% chance of a quarter-point rate cut in September; however, following his address, that probability jumped to an astonishing 89%. 🚀
The expectation for lower interest rates has led investors to shift towards riskier assets, including cryptocurrencies. This newfound energy has fueled a positive momentum across the entire cryptocurrency market.
*This is not investment advice.*