Ethereum rose over 10% on August 13, reaching $4,780, the highest price since November 2021, marking an increase of nearly 30% since trading below $3,600 on August 6.
Prospects of the Organization and Analysts
Ethereum (ETH) approached its all-time high on August 13 after rising over 10% in 24 hours, reaching $4,700 for the first time since November 2021. Since August 6, when it temporarily traded below $3,600, ETH has risen nearly 30% in less than seven days, becoming the standout coin among altcoins.
The surge of ETH to $4,708 (5:15 EST) has also helped push the total market capitalization of the cryptocurrency ecosystem above $4.1 trillion. The latest growth of the second-largest digital asset has wiped out over $250 million in short selling within just 24 hours, a number that is nearly ten times the amount of short selling in Bitcoin (BTC) that was wiped out.
The price increase of this coin has led to a significant portion of ETH supply achieving profit. A key opinion leader (KOL), Ted Pillows, estimated the number of profitable ETH supply to be nearly 100%.
"The profit supply of ETH has now reached 97.22%. This will soon be a true 100%," stated the KOL.
The price increase of this digital asset coincides with reports that the Ethereum treasury company, Bitmine Immersions, wants to raise $20 billion, which will be used to bolster its ETH holdings to account for 5% of the total circulating supply. These reports emerged just days after Bitmine increased its ETH holdings to 1,150,263, pushing their cryptocurrency treasury value above $5 billion.
