Ethereum Touches $3,500, Reaching Four-Month High

The price of Ethereum (ETH) hit $3,500 Monday morning, the highest the cryptocurrency has seen for four months since surpassing $3,500 on July 21.

At time of publication, Ethereum has slipped back to around $3,475, up 3.6% on the day and 11.4% in the past week, per data from CoinGecko—the biggest weekly gains among the top five cryptocurrencies by market cap.

Over the past year, Ethereum has become the butt of the joke of many crypto enthusiasts as they mocked the cryptocurrency’s middling gains. Compared to other major tokens, ETH has lagged behind, climbing just 49% since the start of the year; Bitcoin (BTC) has risen 133% over the same time frame, while Solana (SOL) has jumped 150%.

But this latest rally has seen Ethereum outperform its competitors, gaining 3.6% in the past 24 hours to reach a market cap of $422 billion, while Bitcoin climbed just 1% and Solana 1.4% over the same period.

In turn, $24.6 million worth of Ethereum shorts have been liquidated over the past 24 hours, according to CoinGlass.

The news comes as Ethereum exchange traded funds (ETFs) saw inflows of $91.3 million Friday, after six days of outflows totalling $222.7 million, per data from CoinGlass.

The crypto market has seen mostly green candles since Donald Trump secured his election as the 47th President of the United States, on the back of a number of pro-crypto promises made by the Republican candidate—including the creation of a strategic Bitcoin reserve and an end to the SEC’s crypto crackdown.

While much of Trump’s messaging around crypto has been related to Bitcoin, the Trump family has also launched an Ethereum-based crypto project this year called World Liberty Financial. At its core, the project is a borrowing and lending platform, as confirmed by the team. But sources told Decrypt that World Liberty Financial is also expected to issue a stablecoin that will be pegged to the U.S. dollar.

Despite Donald Trump being a key part of World Liberty Financial’s branding and messaging, the project’s website claims that neither Trump, nor his family members, are official employees. Either way, the U.S. President being the face of an Ethereum crypto project is a major step towards mass adoption.

Still, Ethereum sits 28.4% off its all-time high of $4,878, according to CoinGecko, reached in 2021.