Ethereum has surged to new heights, reaching $4,945 on Sunday, surpassing the previous all-time high of $4,878 set in November 2021. The rally was triggered by Federal Reserve Chair Jerome Powell’s comments hinting at potential interest rate cuts, resulting in a nearly 8% jump in an hour.

The surge in Ethereum’s price has been driven by factors such as unprecedented demand for U.S. spot Ethereum ETFs, which collected over $1 billion in inflows in a single day. Corporate accumulation by Ethereum treasury companies like BitMine Immersion and SharpLink Gaming has also contributed to the cryptocurrency’s rise.

Regulatory developments, including clearer guidance on staking services from the SEC and the passage of the GENIUS Act establishing a regulatory framework for stablecoins, have further boosted Ethereum’s prospects. Will Ethereum continue to rise and push past the $5,000 mark for the first time? Myriad users believe it’s very likely, with 94% expecting it to reach that milestone by the end of 2025.

Read more at Yahoo Finance: Ethereum Jumps to New Record Price in Move Towards $5,000