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Ethereum, the flagship alternative cryptocurrency, is on a tear, surpassing the key $4,400 level for the first time since December 2021.
The red-hot altcoin is currently changing hands at $4,445 on the Bitstamp exchange.
It is now up by 20% during this month after surging by a whopping 49% in July.
Monster ETF inflows
The most recent surge comes after Ethereum exchange-traded funds (ETFs) topped $1 billion in one-day inflows for the first time on Monday, marking a milestone for the products that officially began trading a little over a year ago.
Notably, Ethereum ETFs now consistently outperform their Bitcoin counterparts, which was unthinkable just a month ago.
The products initially suffered from underwhelming outflows, with some commentators even viewing them as a flop, but they are now enjoying a revival due to strong institutional interest.
Strong corporate adoption
Ethereum is also rallying due to strong corporate adoption, with some companies copying the extremely successful playbook pioneered by Strategy (formerly MicroStrategy).
The key companies that are driving Ethereum's corporate adoption include Tom Lee's BitMine Immersion Technologies and Joe Lubin's SharpLink Gaming.
Stablecoin dominance
Ethereum, of course, also remains the leading chain for stablecoin issuance. The chain accounts for roughly 55% of the entire stablecoin liquidity.
As noted by cryptocurrency analyst Miles Deutscher, Ethereum saw eight times more stablecoin inflows than any other cryptocurrency over the past 24 hours.
"That’s $335.5 million more than the nearest chain. Attention goes where liquidity flows," the analyst added.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team