Ethereum hit its all-time high today as Jerome Powell's recent speech caused a huge spike. Recent institutional influx allows us to challenge Bitcoin's market advantage.
ETH's performance could soon trigger an Altcoin season, as some analysts theorize. Currently, the token has a lot of forward momentum.
Ethereum's newest ever great
Ethereum prices have been rising and falling recently, balancing the influx of systems that are rampant in one hand with the liquidation of the larger traders on the other. Still, today, the token began to surge in prices quite a bit after Jerome Powell's Jackson Hole speech. This was a huge boost for Ethereum.
Ethereum price chart. Source: Coingecko
Several factors help explain the recent performance of Ethereum. The $5 billion ETH and BTC options are set to expire during or before Powell's speech, and Ethereum is currently seriously challenging Bitcoin's market domination. The $245 million ETH short position was liquidated today as Ethereum hit this all-time high.
Plus, CoinMarketCap predicts that the Altcoin season may be imminent, and ETH is a clear favourite to lead it. Between these factors, Ethereum has many things to support it and could continue to grow beyond this all-time high.
After Powell's speech first appeared on Beincrypto, Post Ethereum reached an all-time high.
