#ETHRally ETH Surges to $4,700, Nearing All-Time High Amid Bitmine's $20B Plan

Institutional and Analyst Outlook

Ethereum ( ETH) closed in on its all-time high on Aug. 13 after surging by more than 10% in 24 hours to reach $4,700 for the first time since November 2021. Since Aug. 6, when it briefly traded below $3,600, ETH was up by nearly 30% in less than seven days, making it the standout performer among altcoins.

ETH’s rally to $4,708 (5.15 a.m. EST) also helped to push the cryptocurrency ecosystem’s total market capitalization back up above $4.1 trillion. The number two digital asset’s latest rally obliterated over $250 million in short bets in just 24 hours, a figure nearly 10 times that of bitcoin ( BTC) shorts wiped out.

The cryptocurrency’s rally has resulted in a large majority of the ETH supply being in profit. One key opinion leader (KOL), Ted Pillows, puts the figure of ETH supply in profit closer to 100%.

“ ETH supply in profit is now at 97.22%. This will be 100% real soon,” the KOL stated.

The digital asset’s surge coincided with reports that the ethereum treasury company Bitmine Immersions wants to raise $20 billion, which will be used to bolster its ETH holdings to 5% of the total circulating supply. These reports come just days after Bitmine upped its ETH holdings to 1,150,263, bringing the value of its crypto treasury above $5 billion.

As reported by Bitcoin.com News, the ethereum treasury company’s ETH stash made it the third-largest holder of cryptocurrency treasury assets globally. Only Michael Saylor’s Strategy and Marathon Digital Holdings have larger holdings.