Ethereum (ETH), the second largest cryptocurrency by market capitalization and the leading altcoin, broke through the $4,900 mark for the first time ever today and is now looking toward the $5,000 mark.
According to CoinMarketCap, a global cryptocurrency market monitoring site, ETH was trading at $4,778.95 as of 8:00 AM on the 25th, down 0.03% from the previous 24 hours. However, as of 4:10 AM, ETH hit a new all-time high of $4,950, raising expectations of a breakout above $5,000. ETH's previous high was $4,891, recorded in November 2021.
ETH's rebound began on the 22nd of this month, when Federal Reserve Chairman Jerome Powell signaled a rate cut. ETH broke through the $4,800 mark, breaking a four-year-old record, and is now in an upward trend.
Bitcoin (BTC) was trading at $113,423.93, down 1.61% from the previous 24 hours. After Chairman Powell's speech, it rose to the $117,000 level, but has since stalled. BTC's all-time high is around $124,500.
This is interpreted as a result of the renewed decline in the probability of the Fed cutting the benchmark interest rate at its September monetary policy meeting. According to the Chicago Mercantile Exchange (CME) FedWatch tool, the interest rate futures market sees a 75% chance of the Fed cutting rates by 0.25 percentage points in September. This is similar to the level before former Chairman Powell hinted at a September rate cut, and represents a decline from the once-high 90% figure.
In addition, XRP fell 0.37% to $3.03, and Solana (SOL) rose 0.81% to $205.11.
On the domestic exchange Bithumb, BTC fell 0.84% from the previous day to 157,857,000 won. ETH was trading at 6,648,000 won, down 0.18%, and XRP was trading at 4,217 won, up 0.40%.
The fear and greed index from cryptocurrency data analysis firm Alternative.me fell 7 points from the previous day to 53, reaching a neutral level. A reading closer to 0 indicates a weakening of investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Shin Jung-seop
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