Ethereum (ETH) has now surpassed major companies like Netflix (NFLX) and Mastercard (MA), and is approaching American pharmaceutical giant Eli Lilly. On Tuesday, Ethereum's price broke $4,600, and on Wednesday it soared to an intraday high of $4,682. This rise marks its impending return to the highest level since November 2021, needing just a 5% increase to set a new record.
Ethereum Approaches Record Heights
Ethereum's price trend over the past two days has allowed its market value to surpass that of top companies. Strong buying and an increase in trading volume have brought its price close to historical highs for the first time in nearly three years.
According to predictions from the Polymarket platform, investors estimate an 84% chance that ETH will reach the $5,000 mark by the end of the year. The likelihood of it climbing to $6,000 is 59%. In the medium term, the chance of reaching $10,000 by year-end is 12%.
Famous market analyst Tom Lee predicts that during the current bull market cycle, ETH could skyrocket to $16,000. Given the current price momentum and strong investor interest, this bold prediction boosts overall optimism.
According to data from Companiesmarketcap, if Ethereum maintains its current upward momentum, its asset size will reach $589.84 billion, on par with the SPDR S&P 500 ETF Trust (SPY). Achieving this milestone will confirm that the cryptocurrency market can now compete with large traditional investment tools.
Spot Ethereum ETF Enhances Bullish Momentum
In the United States, strong inflows into the Ethereum spot ETF have further bolstered the ongoing momentum. According to SoSoValue, on August 12, the ETF saw an influx of $523 million. On Monday, single-day inflows exceeded $1 billion for the first time.
Sustained demand helps maintain strong momentum in Ethereum's price. This trend enhances the opportunity for Ethereum to rise in market valuation rankings.
