Ethereum (ETH) reached a new all-time high of $4,885 on Coinbase following Federal Reserve Chair Jerome Powell’s comments hinting at possible interest rate cuts, giving traders relief. The token surged almost 15% in 24 hours, outperforming other cryptocurrencies like Bitcoin, which only rose by about 4%. The broader crypto market, as represented by the CoinDesk 20 Index, also saw a 9% increase during the same period. Powell’s remarks on Friday suggested that a rate cut in September is likely, elevating hope after days of uncertainty that impacted global markets. Ether’s rise has been fueled not only by macroeconomic factors but also by growing institutional interest in the Ethereum network. Companies like ETHZilla, backed by Peter Thiel, have started accumulating ether in their treasuries, with some predicting that Ethereum will become Wall Street’s preferred blockchain for development, boosting demand for its native token. As a result, ether has outperformed bitcoin this year, with a 45% increase compared to bitcoin’s 25%. Other tokens linked to ether, such as Lido (LDO) and Ethena (ENA), have also benefited from the rapid rise in ETH’s value.

Read more at Yahoo Finance: Ethereum Surges to New All-Time High Amid Likely September Rate Cut