The flagship Altcoin Ethereum (ETH) reached a new record for the first time in nearly four years.
Tokens hit a new record peak of $4,885 at 21:08 UTC on Bitstamp Exchange, surged by more than 15% in a day.
In the meantime, Bitcoin's domination has plummeted to just 56.5%, according to Coingecko data.
As reported by U.Today, ETH's monster surge came after Federal Reserve Chairman Jerome Powell explicitly signaled that there would be interest rate cuts next month.
Nearly $300 million worth of shorts will be wiped out
Coinglass data shows that a whopping $287 million worth of shorts have been liquidated over the past 24 hours. For comparison, $67 million worth of Bitcoin shorts were wiped out over the same period.
Today, OKX Exchange issued a $10 million ETH liquidation order.
Can you see $5,000?
According to Polymarket Bettors, ETH is 74% likely to reach a highly cobbeted $5,000 level this August.
In fact, there is a 29% chance that flagship Altcoin will surge to the $5,400 level this final week of August.
The chances of ETH reaching $10,000 in 2025 are currently at 16% with Polymet.
