Bitcoin slightly on Wednesday, while Ether neared record highs as cryptocurrency markets rallied on mild U.S. consumer inflation data, which ramped up bets on a September interest rate cut.
Altcoin prices fared much better than Bitcoin on Tuesday and Wednesday, as improving risk appetite drove a wave of buying into more discounted assets, such as Ether, which had largely lagged Bitcoin’s stellar gains in recent months.
The world’s largest crypto rose 0.5% to $119,361.4 by 01:11 ET (05:11 GMT).
Ether near $4,800 record high amid increased corporate buying
World no.2 crypto Ether was a standout performer this week, rallying as high as $4,680.23 and coming within spitting distance of a $4,868.8 record high hit in November 2021.
The crypto was boosted chiefly by increased signs of corporate and institutional buying in recent weeks, as more corporate entities began purchasing the crypto in line with a strategy adopted by major Bitcoin holder MicroStrategy Incorporated (NASDAQ:MSTR).
Bitmine Immersion Technologies Inc (NYSE:BMNR), the world’s biggest corporate Ether holder, disclosed on Monday that it now held more than 1.15 million tokens valued at about $4.9 billion.
The company also recently said it plans to raise an unprecedented $24.5 billion through a stock offering aimed largely at buying more Ether.
180 Life Sciences Corp (NASDAQ:ATNF), which is rebranding itself as Ether treasury ETHZilla, recently saw a 7.5% stake acquisition by billionaire Peter Thiel.
Thiel disclosed the stake on Tuesday, sending the firm’s shares up more than threefold.
180 also disclosed that it holds about $349 million worth of Ether– 82,186 tokens which it acquired at an average purchase price of $3,806.71.
Crypto treasury Sharplink Gaming Ltd (NASDAQ:SBET) completed a $400 million capital raise this week, which it said will be dedicated towards buying more Ether.
Increasing corporate interest has been a major driver of Ether’s recent rally, helping the world no.2 crypto overtake Bitcoin in terms of year-to-date gains. Ether is trading up 39.4% so far in 2025, while Bitcoin is up 27.9%.
Crypto price today: altcoins rally past Bitcoin as CPI data fuels rate cut bets
Broader crypto prices largely rallied past Bitcoin on Wednesday, as risk appetite was boosted by mild U.S. consumer price index inflation data, which ramped up bets on a September interest rate cut by the Federal Reserve.
Gains in crypto also came amid record-high rallies in broader risk-driven markets, especially equities.
Altcoins in particular were also boosted by increasing bets that corporates and institutions will seek to build treasuries of other crypto tokens.
World no.3 crypto XRP rose 3.1% to $3.2401. Cardano and Solana rallied 8.9% and 13%, respectively.
Among meme tokens, Dogecoin rose 6.1%, while $TRUMP rose 4.9%.
Source :
https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-steady-at-1193k-ether-near-record-high-on-corporate-buying-4187107
