Flagship altcoin Ethereum (ETH) has reached a new record high for the first time in nearly four years.
The token hit a new record peak of $4,885 at 21:08 UTC on the Bitstamp exchange, surging by more than 15% in a single day.
In the meantime, Bitcoin’s dominance has now plunged to just 56.5%, according to CoinGecko data.
As reported by U.Today, ETH’s monster surge came after Federal Reserve Chairman Jerome Powell explicitly signalled that there would be a rate cut next month.
Nearly $300 million worth of shorts get wiped out
CoinGlass data shows that a whopping $287 million worth of shorts have been liquidated over the past 24 hours. For comparison, only $67 million worth of Bitcoin shorts got wiped out over the same period of time.
A $10 million ETH liquidation order took place on the OKX exchange earlier today.
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$5,000 in sight?
According to Polymarket bettors, ETH now has a 74% chance of hitting the much-coveted $5,000 level this August.
In fact, there is a 29% chance of the flagship altcoin surging all the way to the $5,400 level during the last week of this August.
The odds of ETH hitting $10,000 in 2025 currently stand at 16% on Polymarket.
