Bitcoin and ether are trading near all-time highs as investors increase their holdings in the two largest cryptocurrencies. Recent demand has particularly favoured ether, the second-largest token, contributing to a surge in the broader crypto market. As of late afternoon trading in New York, bitcoin briefly traded above $US123,000 on Wednesday, inching closer to its peak reached in July.
Ether has recovered from a period of underperformance and is now just over $US100 below its 2021 bull market record. The surge in ether has been a major factor in pushing the total crypto market capitalisation to a record $US4.2 trillion, according to data from CoinGecko.
The rally in ether is attributed to record inflows into funds directly investing in the token and the rise of ether-focused treasury firms. These public companies, modelled after Michael Saylor’s bitcoin accumulation strategy, have collectively acquired nearly $US17 billion worth of ether, according to data compiled by StrategicEthReserve.xyz.
Standard Chartered has revised its ether price target, now anticipating it will reach $US7500 by the end of 2025, up from its previous target of $US4000.
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