Ethereum surpasses $2,600 threshold in rally fueled by U.S. payroll numbers
Ethereum rockets above $2,600 in a recent bullish run as it awakens from a previous slump. The token has seen an increase of trading volume following drop in U.S. payroll numbers.
Recent data from crypto.news shows that ETH (ETH) is on a bullish run, rising as much as 6% from its previous price point. At around 9:45 UTC, the second largest cryptocurrency by market cap reached a peak of $2,608.70 as other cryptocurrencies like XRP and SOL follow its lead.
At press time, ETH has gone up by 5.54% in the past 24 hours. The token is currently trading hands at $2,590, suffering a slight correction from its earlier peak. Despite the dip, it maintains its position near the $2,600 level.
Additionally, ETH’s trading volume has experienced an 83.7% increase compared to the previous trading day. Its daily trading volume now sits at $25.4 billion, which indicates a rise in market activity.
Ethereum’s market cap now stands at $313 billion, having experienced a 5.56% boost.
Why is Ethereum surging?
The rally is fueled by a mix of macroeconomic signals, institutional activity, and strengthening on-chain metrics, which point to a renewed investor appetite for the crypto asset.
In fact, one of the main drivers behind the ETH rally is a wave of optimism in traditional markets. U.S. payroll numbers released earlier today came in weaker than expected, reinforcing hopes that the Federal Reserve could cut interest rates sooner rather than later.
With lower rates potentially reducing the cost of capital and boosting demand for riskier assets, cryptocurrencies like Ethereum are experiencing renewed inflows. Data from SoSoValue shows that even though Ethereum ETFs have seen outflows of $1.82 million, its cumulative total net inflow is still standing tall at $4.25 billion.
Another possible reason behind the boost is the recently held Ethereum Community Conference, where co-founder Vitalik Buterin talked about the future of crypto, as well as called out fake decentralization claims in the industry.
