Ethereum (ETH) is rapidly rising in market capitalization, surpassing major US technology and financial companies. Recently, with Ethereum's price breaking through $4,600, it has overtaken Netflix ($NFLX) and Mastercard ($MA), and is also narrowing the gap with multinational pharmaceutical company Eli Lilly ($LLY).
As of the 13th of this month, Ethereum continued its upward trend, recording an intraday high of $4,682. This is the first time since December 2021 that it has recovered the $4,600 level, and market expectations for breaking the all-time high are growing. If it achieves an additional 5% increase, Ethereum could approach its all-time high set in November 2021.
On-chain data and market participants' forecasts align with this. According to Polymarket, a decentralized prediction market, the probability of Ethereum breaking $5,000 in August is 59%, with a 28% chance of reaching $5,400. Some market segments even suggest Ethereum could rise to $10,000 by 2025. Famous bull Tom Lee has predicted that Ethereum could reach up to $16,000 in the current bull market.
Strong ETF market buying is also fueling the upward trend. According to SoSoValue, spot-based Ethereum ETFs recorded approximately $1.027 billion in inflows in a single day, with an additional $523 million further boosting the upward momentum.
Notably, Ethereum's market capitalization is approaching the asset size of large ETFs like the SPDR S&P 500 ETF Trust ($SPY), which currently manages around $589.8 billion. If rapid capital inflow and price increases continue, there are predictions that Ethereum could potentially replace traditional financial assets.
Thus, Ethereum has positioned itself at the market's center by simultaneously securing technological leadership and the potential to replace traditional assets. The direction of the cryptocurrency market appears to depend on Ethereum's performance in the coming weeks.
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