Ethereum Pushes Towards $3000 Breakout Amid Institutional Surge
Ethereum (CRYPTO: ETH) is on an upswing, now trading at approximately $2665.70, following a gain of over 44% in the past seven days, according to CoinMarketCap. A sharp 8.42% surge in the last 24 hours further points to the strong bullish momentum towards the $3000 milestone fuelled by institutional buy-ins and network updates.
The rally has propelled Ethereum’s market capitalization to around $322.23 billion, placing it ahead of global giants such as Alibaba Group Holding Ltd – ADR (NYSE:BABA), valued at $303.72 billion, and Coca-Cola Co (NYSE:KO), at $297.17 billion.
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While Ethereum’s surge is a part of a broader crypto market upswing, a major driver in this positive momentum is renewed institutional interest, notably from a massive investment by a London-based asset management firm, Abraxas Capital. According to on-chain data posted by Lookonchain, the …
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