Ethereum Price Hits All-Time High as Bitcoin Steadies Around $113,000

The cryptocurrency market took a sharp turn over the weekend with Bitcoin facing selling pressure, while Ethereum reached new record highs. On Monday, Bitcoin was trading near $113,300 (approximately Rs. 94.6 lakh) after dropping to $112,000 (roughly Rs. 98,04,958). Ethereum, on the other hand, hit an all-time high (ATH) of $4,950 (around Rs. 4.33 lakh) before sliding down to $4,725 (roughly Rs. 4,13 lakh). On Indian exchanges, prices reflected similar momentum, with Bitcoin trading above Rs. 98.3 lakh and Ether going past Rs. 4.12 lakh.

Bitcoin Steadies After a $2.7 Billion Whale Dump While Ethereum Breaks Past Previous Highs

Avinash Shekhar, Co-founder and Chief Executive Officer of Pi42, said: “The crypto market witnessed a sharp split in momentum over the weekend, with Bitcoin sliding below $112K after a more than $2.7 billion whale dump, though it has since stabilized and is now trading near $113,000. At the same time, Ethereum surged to its all-time high of $4,953.73 earlier, entering bold new price discovery and inching toward the $5,000 mark. Dogecoin is coiling into a bullish breakout setup with potential for a 30 percent upside. Meanwhile, XRP continues to consolidate.”

The research desk at CoinSwitch further added “BTC crossed $117,000 on late Friday after Federal Reserve Chair Jerome Powell hinted at a potential September interest rate cut during his speech at Jackson Hole. After that, prices trended lower, eventually breaking below the $114,000 area.”

“Ethereum treasury companies have also contributed to the uptrend. BitMine Immersion accumulated about $45 million in ETH over the weekend, bringing its holdings to $7 billion. Currently trading at $4,760, ETH's next leg of rally could breach the $5000 mark with strong support at $4,400.” Edul Patel, CEO of Mudrex, told Gadgets 360. 

“Ethereum remains above $4700 after marking a new ATH at $4,955. XRP trades above $3, BNB over $875, Solana above $205, Dogecoin over $0.22, and Cardano above $0.91. This suggests, altcoins are gaining momentum and hence, the markets could be heading towards an Altseason. As the market displays strength, Google searches for ‘crypto' have spiked as the market participants await a rate cut in September, as the probability has risen to 75%. Bitmine added another 9,613 ETH, while Michael Saylor hinted towards another Monday buy, saying ‘Bitcoin is on Sale,” said the CoinDCX research team. 

Traders would keep an eye on whether the market will build momentum on the back of Ethereum breaching new highs, or will the market consolidate as Bitcoin Slides down. Analysts also point to a growing altcoin season, with Dogecoin eyeing a breakout and XRP, BNB, and Solana showing strength.