$BTC $ETH $XRP #CryptoIn401k

Asia Morning Briefing:

Polymarket bettors predict Ethereum could hit $5,000 by the end of August

In today’s Asian trading session, Ethereum (ETH) rose above $4,600, representing a 10% gain in the past 24 hours.

The main driver is the expectation of an interest rate cut in September, which is boosting investor confidence.

Some traders believe Ethereum could soon challenge its all-time high of $4,876, set in 2021.

Polymarket bettors are going even further, projecting that Ethereum could reach $5,000 by the end of August, with a 28% probability of surpassing $5,800. This surge has reduced Bitcoin’s market dominance from 65% to 59% as investors shift toward altcoins.

According to Glassnode analysts, Ethereum is nearing a key technical level that has previously triggered heavy sell-offs. However, a new report indicates a growing liquidity strain on Ethereum, as more ETH transactions are being used for USDT stablecoin transfers on the Tron network.

This trend could weaken Ethereum’s DeFi activity, potentially impacting its fee revenue and staking rewards. If it continues, the Ethereum network might be seen as a financial backbone supporting liquidity on other blockchains. While this won’t immediately harm the current rally, it could have negative implications for long-term price stability.

Meanwhile, Bitcoin is holding steady near $120,000, and gold prices are also climbing.

In Asian markets, Japan’s Nikkei 225 index opened on a positive note.

Overall, investors are closely watching whether Ethereum can reach $5,000 by the end of August, as various market factors could influence its future trajectory.