The Ethereum price just surpassed its 2021 all-time high (ATH), reaching a new record of $4,870 on Friday. This move sparked massive enthusiasm, with many traders now looking beyond the $5,000 target and considering whether $10,000 is possible this year.
Dovish Fed comments, institutional interest, and increasing on-chain activity are the main factors supporting Ethereum’s bullish outlook, but are they enough to realistically push $ETH to $10,000?
The bullish trend is spilling over into the broader altcoin market, with several smaller projects currently thriving and showing signs of potential breakout gains in the coming months. Two projects generating serious traction are Best Wallet Token and Bitcoin Hyper.
Both are in presales, having raised over $10 million apiece. This positions them among the hottest new launches on the market, so could they be the next altcoins to surge?
Ethereum Hits ATH on Rate Cut Anticipation, ETF Inflow Revival
The Ethereum price surged from $4,200 and reclaimed $4,600 within minutes on Friday, before continuing to an ATH of $4,870 following Fed Chair Jerome Powell’s speech at the Jackson Hole summit.
His speech boosted expectations of an interest rate cut at the September FOMC meeting, which is usually a bullish macroeconomic driver for risk assets.
At the same time, interest in spot Ethereum ETFs has returned, with Ethereum funds recording $337 million in net inflows on Friday. This marked a six-day high and also the second straight day of inflows.
Further indicating market strength, the amount of Ether on exchanges has just hit a nine-year low, reaching 14.9 million ETH for the first time since July 2016, according to Glassnode data.
Meanwhile, DeFi Llama data shows a 70% increase in daily transactions on Ethereum over the past year, rising from 1 million to 1.7 million today.
This mix of positive macroeconomic signals, institutional interest, a limited supply on exchanges, and growing on-chain activity creates what’s likely Ethereum’s most bullish setup ever. So how far can it go this year?
$10K Ethereum “Is Coming This Cycle”
Ethereum bulls have long targeted the $10K price tag as a riveted goal, and the current setup inspires hope that it might finally be happening.
Popular analyst Ted Pillows recently compared Ethereum’s price action to the global M2 money supply, arguing that expanding liquidity could push ETH to $10K this year. He implied that Ethereum has closely tracked the M2 chart this cycle – typically with about a one-month lag – signalling $ETH is set to rocket because the M2 supply is rising.
“$10K ETH is coming this cycle, and there’s nothing stopping it,” he wrote.
Agreeing with this target, analyst Crypto Boss noted that Ethereum has broken a macro trendline resistance level and is now ready for a breakout to $10K.
Meanwhile, Standard Chartered analysts, while still highly optimistic, showed a bit more caution by forecasting an Ethereum price of $7,500 by year-end.
Ethereum often acts as a leading risk indicator for the broader altcoin market. With its price breaking out and now poised for price discovery, altcoin investors are bracing for explosive gains.
New Altcoins Explode as Ethereum Price Rises
One project gaining significant traction right now is Best Wallet Token, the native cryptocurrency of Best Wallet. This is a multi-chain, non-custodial wallet that unlocks new DeFi opportunities and presents them behind a sleek user interface.
It supports over 50 different blockchains and offers a wide range of features, including a cross-chain DEX, crypto debit card, staking aggregator, presale aggregator, futures trading, and more.
Currently in presale, the project has already raised $15 million, demonstrating strong investor interest and market appeal.
However, with bullish market conditions and a use case that offers more than its top competitors like MetaMask and Phantom, $BEST could be poised for much bigger gains once it hits the open market. Visit Best Wallet Token.
Bitcoin Hyper is another project showing a lot of potential right now, with its use case as a ZK-rollup-powered Bitcoin layer 2 attracting market attention. The project aims to solve Bitcoin’s main issues: slow speeds, high fees, and limited functionality.
It will utilize the Solana Virtual Machine (SVM) to deliver unmatched scalability to Bitcoin, resulting in fast transactions and low fees. The project also provides smart contract support, laying the way for DeFi, payments, meme coins, and more on Bitcoin.
Its presale has already raised $11.5 million and is one of the fastest-growing ICOs on the market, averaging about $300,000 in daily inflows.
Ethereum is gaining momentum as whales and institutions invest due to its narrative as a higher-potential Bitcoin alternative. Bitcoin Hyper is in a similar spot, except its immensely lower valuation and direct connection to Bitcoin signal that it might see far bigger returns. Visit Bitcoin Hyper.
This article is not intended as financial advice. Educational purposes only.
