ETH Surges to $4,700, Nearing All-Time High Amid Bitmine’s $20B Plan

Key Points

1. Ethereum surged over 10% on Aug. 13, reaching $4,780, its highest price since November 2021, and marking a nearly 30% increase since trading below $3,600 on Aug. 6.

2. ETH’s rally pushed the cryptocurrency ecosystem’s total market capitalization back above $4.1 trillion, with 97.22% of ETH supply in profit.

3. Bitmine plans to raise $20 billion to increase its ETH holdings to 5% of the total supply, potentially impacting ETH’s supply-demand structure.

4. Analysts caution that Bitmine’s plan is a mid- to long-term factor and warn about potential risks from increased institutional adoption.

5. Koroush AK noted that ETH outperforming BTC signals capital flowing into altcoins, with large-cap altcoins like SOL, SUI, AVAX, and XRP likely to follow.