#ETHRally Lee noted the majority of Wall Street crypto projects and stablecoins, or digital tokens backed by assets like the US dollar, are being built on the ethereum infrastructure.

Ether, the native token of ethereum, is up more than 50% since the GENIUS Act legislation, which creates guardrails for the stablecoin industry, was passed last month.

Additionally, the Securities and Exchange Commission's recent "Project Crypto" announcement, an initiative to modernize the agency and establish clear regulations around the digital asset industry, has also fueled the rally in ethereum.

Fundstrat sees ETH hitting $15,000 by year end