Ethereum set a new all-time high, breaking its previous 2021 record after Jerome Powell signaled the Fed would cut interest rates.
Ethereum hit a new all-time high price, breaking a record set back in 2021.
The second-biggest cryptocurrency had lagged behind Bitcoin in gains, and long lingered well short of its previous peak.
Institutional adoption and a favorable regulatory landscape have helped the coin in recent months.
Ethereum hit a new all-time high price on Friday, breaking a nearly four-year record following recent gains fueled by surging ETH treasuries, an increasingly favorable regulatory environment for the protocol, and growing interest from traditional finance firms.
The second-largest cryptocurrency by market cap is up 15% over the past 24 hours to $4,879, surpassing its previous record of $4,878 set in November 2021, data from CoinGecko shows.
ETH has more than doubled in price over the last two months to outpace even Bitcoin as investors flood into the exchange-traded funds. After coming close to a new record on August 14, the price of ETH dipped alongside the rest of the market, dropping to under $4,100 earlier this week.
But on Friday, crypto prices broadly surged following Federal Reserve Chair Jerome Powell's comments, which appeared to suggest potential for an interest rate cut ahead. Ethereum jumped by nearly 8% in an hour after the comments, and continued to tick up afterwards.$ETH
