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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Ethereum Now Bigger Than Netflix as ETH Nears New High
According to ETH data from companiesmarketcap.com, Ethereum is not the 22nd largest entity in the world, with a market cap of $565.2 billion. Ethereum’s market cap recently overtook Mastercard and has now overtaken Netflix as the 22nd largest entity. The second-largest cryptocurrency by market cap is now inches away from a new all-time high. ETH is down by just 3.7% from its peak of $4,878.26, which it attained in November 2021.
ETH’s rally may have also been propelled by consistent ETF inflows. Institutional money has been a key driver for the crypto market in this cycle. Bitcoin (BTC) and Ethereum (ETH) have led the ETF inflows over the last few months. ETH recently saw record inflows of more than $1 billion in one day.
New All-Time High Soon?
ETH may hit a new all-time high very soon if it continues its current trajectory. According to a Cointelegraph X post, Standard Chartered has increased its ETH price target to $7500 by the end of this year. Hitting $7500 from current price levels will translate to a rally of nearly 60%.
JUST IN: Standard Chartered raises $ETH forecast to $7,500 by end-2025 from $4,000, and to $25,000 by 2028. pic.twitter.com/3J0q44B9a5
However, given the fragile global economy, there is a chance that investors will take caution before putting their money in the crypto market. ETH has already seen some liquidations as it nears a new all-time high. Investors may begin to book profits. Such a scenario could lead to the asset facing a correction.