Ether (ETH) is surging towards its historic peak value, propelled by a major corporate accumulation announcement, while Bitcoin continues to trade sideways below the $120,000 threshold.
ETH is currently priced near $4,457, approaching its all-time high of $4,900. This rally is largely attributed to BitMine Immersion Technologies’ publicized strategy to significantly expand its Ethereum holdings.
The catalyst stems from BitMine’s plan to raise up to $20 billion through debt or equity, earmarked exclusively for purchasing ETH. This ambitious move aims to boost the company’s total Ether holdings to a staggering $24.5 billion, fueling strong market sentiment that ETH’s upward trajectory has further room to grow.
In contrast, Bitcoin’s price action remains stagnant below $120,000. Market data indicates it was largely unaffected by recent US Consumer Price Index (CPI) inflation reports, with trading volumes appearing subdued. This divergence highlights growing investor attention shifting towards altcoins like Ether as potential outperformers in the current cycle.
Analysts observe parallels between Ether’s current bullish momentum, driven by BitMine’s institutional accumulation plans, and Bitcoin’s earlier surge fuelled by spot ETF approvals. They suggest this large-scale planned buying pressure could spur further growth, potentially leading ETH to consolidate above its previous highs if market conditions hold.