A wave of optimism from Jackson Hole swept through digital asset markets, with Ethereum price leading the charge. The second-largest cryptocurrency by market cap surged over 14%, bringing its historical $4,891 all-time high firmly into view.
Summary
- Ethereum surged over 14% to $4,820 after Fed Chair Jerome Powell hinted at potential rate cuts.
- Trading volume jumped 95% in 24 hours, surpassing Bitcoin’s volume and pushing ETH close to its 2021 all-time high.
- The move sparked broader crypto market optimism and institutional interest, reflected in ETFs and equity-linked shares.
According to crypto.news data, Ethereum (ETH) surged over 14% on August 22, jumping from a daily low of $4,205 to trade as high as $4,820 as of press time, a mere 1.5% away from its all-time high price of $4,891, set four years ago.
The token’s trading volume jumped 95% in the last 24 hours to top $68.22 billion, dwarfing Bitcoin’s (BTC) $79.86 billion during the same period. The original cryptocurrency gained 4% on Friday to exchange hands at $116,640 at the time of writing.
ETH’s stunning rally alongside a broader crypto market rebound came as Federal Reserve Chair Jerome Powell, during his keynote in Jackson Hole, Wyoming, signaled a potential pivot in monetary policy, stating that the current “shifting balance of risks may warrant adjusting our policy stance.”
“This is bullish for the front end of the yield curve and risk assets, where bitcoin is a fast horse in the race. A dovish tilt could supercharge BTC’s narrative as a hedge against fiat uncertainty, accelerating institutional accumulation and liquidity. While the mid and long end of the curve remain uncertain, bitcoin’s sensitivity to macro signals means it’s poised to ride any wave of optimism from rate cut expectations.” Jessy Gilger, investment Advisor at Bitcoin financial services firm Unchained, said.
