Ethereum (ETH) price surged to $3,500 on Monday, its highest level since July 21. Ethereum is currently trading around $3,505, reflecting a daily gain of 3.6% and a weekly gain of 11.4%. This impressive performance reinforces Ethereum’s position as the top gainer among the top five cryptocurrencies by market cap, and highlights a positive shift in its financial outlook.
Ethereum ETFs: A Key Factor Driving Growth
Ethereum’s recent surge is being supported by increased investor interest, with Ethereum-backed ETFs recording a massive $91.3 million inflow last Friday. This reflects a significant shift after a period of outflows that exceeded $222.7 million over six consecutive days. These shifts and activities reflect a significant increase in institutional interest in Ethereum, reinforcing its position as a strong investment option.
Political Impact: Trump’s Role in Supporting Cryptocurrencies and Ethereum
The cryptocurrency market has also seen a positive impact as a result of recent political shifts, especially with the election of Donald Trump as the President of the United States. His administration has announced initiatives that support the digital currency sector, such as creating a strategic reserve of Bitcoin and reviewing the policies of the Securities and Exchange Commission regarding cryptocurrencies.
On the other hand, the Trump family has launched a new project based on the Ethereum network called World Liberty Financial, which aims to develop a financing and lending platform alongside a stablecoin pegged to the US dollar. Although the Trump family members do not hold official positions in the project, this move could boost Ethereum’s widespread acceptance in the future. Compared to other major tokens, Ethereum has lagged, rising by only 49% since the beginning of the year; Bitcoin (BTC) has risen by 133% during the same time frame, while Solana (SOL) has jumped by 150%.
Ethereum on the Road to Recovery: New Highs and Strong Growth Opportunities
Despite recent optimism, Ethereum’s price remains 28.4% below its all-time high of $4,878 in 2021. Despite this, market analysts are cautiously optimistic, suggesting that Ethereum is on the road to recovery, but needs to maintain momentum and address concerns over scalability and transaction costs to ensure it reclaims its previous highs.
A Look at Ethereum Market Trends
Over the past year, Ethereum has been a laggard compared to its competitors, gaining just 49% year-to-date, while Bitcoin (BTC) has gained a whopping 133% and Solana (SOL) has seen a staggering 150%. However, recent figures suggest a positive turnaround in performance, with Ethereum posting strong results across the network, with short positions worth around $24.6 million liquidated in the last 24 hours.
Ethereum’s recent surge to $3,500 marks a pivotal point in the cryptocurrency market’s trajectory, reflecting strong potential for recovery and growth in the face of stiff competition from Bitcoin and other digital currencies. With continued investment in ETFs to support it, as well as growing political support, Ethereum appears poised for further growth.
In the same vein, Ethereum has outperformed its competitors in the past 24 hours, rising 3.6% to reach a market cap of $422 billion, while Bitcoin has registered a 1% increase and Solana has gained 1.4%. Meanwhile, $24.6 million worth of short positions in Ethereum have been liquidated.
These shifts and activities reflect a significant increase in institutional interest in Ethereum, reinforcing its position as a strong investment option. These shifts come in parallel with positive inflows into Ethereum ETFs, which attracted $91.3 million on Friday, following a series of outflows totaling $222.7 million over six days.
Trump Boosts Cryptocurrency Market with ‘World Liberty Financial’ Project
The cryptocurrency market has seen a remarkable recovery since Donald Trump’s victory in the US presidential election, as expectations of increased government support for digital currencies have escalated amid a series of supportive statements from Trump.
who promised to create a strategic reserve of Bitcoin and ease the strict procedures imposed by the Securities and Exchange Commission (SEC) on the cryptocurrency industry. This support has sparked a lot of optimism among cryptocurrency investors.
In this context, informed sources revealed to *Decrypt* that Trump’s cryptocurrency-related project, “World Liberty Financial,” recently raised $14 million through an initial coin offering (ICO). The project plans to issue its own stablecoin, a type of cryptocurrency that maintains a fixed value and is often pegged to the US dollar. Although the stablecoin is still under development, the team is working to ensure its security and efficiency before launching it on the markets. It is expected that the launch of this currency will take some time.
but the “World Liberty Financial” project is progressing rapidly in its development stages.
Additionally, the Trump family launched an Ethereum-based project this year called “World Liberty Financial.” The project aims to create a platform for borrowing and lending using blockchain technologies. Through this initiative, the team is looking to provide users with new opportunities to benefit from decentralized finance (DeFi) technologies. The source also noted that the project plans to issue a stablecoin pegged to the US dollar in the near future.
Although Trump is a central figure in promoting this project, the project’s official website confirms that the US president and his family are not official employees of “World Liberty Financial.” However, Trump’s association with an Ethereum-based crypto project is a major step towards promoting cryptocurrency adoption among the American and global public.
