Ethereum Price Hits $3,500 in Market Recovery, Reaching Four-Month High

Hey there! Did you hear the news about Ethereum? It surged to $3,500 on Monday, which is the highest it’s been since July 21. Even though it slipped slightly to $3,475, it’s still a pretty big deal. In fact, it had a daily increase of 3.6% and a 11.4% rise over the past week, making it the strongest gainer among the top five digital assets by market capitalization.

During the same 24-hour period, $24.6 million in Ethereum short positions were liquidated, showing that there’s been a lot of activity in the market. And get this – Ethereum exchange-traded funds (ETFs) saw $91.3 million in inflows last Friday after six days of outflows totaling $222.7 million. That’s quite a turnaround! Even though Ethereum is still 28.4% below its all-time high of $4,878, it’s been growing steadily since the beginning of the year—up 49% to be exact.

The recent movement in Ethereum’s price is pretty significant, especially since it outperformed its competitors over the past week. Funny enough, political developments have actually had an impact on the cryptocurrency market, with Donald Trump’s election as the 47th President of the United States fueling optimism in the sector. His promises to create a strategic Bitcoin reserve and ease regulatory pressure from the U.S. Securities and Exchange Commission (SEC) have definitely caught people’s attention.

Speaking of the Trump family, did you know they’re involved in cryptocurrency too? World Liberty Financial, an Ethereum-based borrowing and lending platform associated with the Trump brand, recently raised $14 million in an initial token sale. They’re planning to introduce a stablecoin pegged to the U.S. dollar. And while Donald Trump and his family are featured in the branding, they’re pretty clear that they don’t hold official positions within the organization.

But back to Ethereum – it has faced some criticism for its performance in the past, but this recent rally shows its potential to regain strength in the market. Analysts do warn, though, that Ethereum needs to address ongoing challenges like scalability and transaction costs to keep up the momentum. As Ethereum continues on its recovery journey, it’s fascinating to see how its latest rally is changing the landscape of the cryptocurrency world. Investors are definitely keeping a close eye on Ethereum to see if it can sustain its growth and compete with other major tokens. Exciting stuff, right?