Ethereum (ETH) recorded a blistering rally of over 15% in the past 24 hours and surpassed its 2021 all-time high of $4,869.47 on Aug. 22.

As of press time, the second-largest crypto was trading at a high of $4,888 and was continuing to move upward.

Federal Reserve Chair Jerome Powell prompted the price increase after signaling potential interest rate cuts at the Jackson Hole symposium. After Powell’s dovish remarks in Wyoming, the crypto market rallied more than 4% within the hour to reclaim the $4 trillion mark. 

The Fed Chair stated that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” sparking widespread speculation about September rate cuts.

Odds on Polymarket of a potential 25 basis point cut in Sept. 17 jumped from 57% to 79% in a few hours after Powell’s speech.

UBS analysts noted that Powell’s dovish remarks represent “the framing and justification of an inflection in policy bias,” with the Fed Chair shifting mandate emphasis from inflation to employment concerns.

Market-Wide Rally

Bitcoin jumped more than 4% over the past 24 hours, climbing to roughly $117,000 as of press time.

Major cap altcoins followed Bitcoin and Ethereum. BNB recorded a new all-time high of $900 and is priced after climbing over 7% over the period, while XRP, Solana, and Dogecoin posted double-digit percentage gains.

Traditional markets mirrored crypto’s performance, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average each rising approximately 2%. 

The US dollar weakened against gold and other major assets as investors anticipated easier monetary conditions.

Recovering from multi-year lows

Ethereum’s breakthrough marks a significant reversal from its multi-year low of $1,385.41 reached in April 2025, the token’s lowest price level since March 2023. 

The rally damaged leveraged traders, with Coinglass data revealing over $553 million in liquidated positions during the past 24 hours.

Short sellers bore the brunt of losses, accounting for $308 million in liquidations, while long positions shed about $325 million. Ethereum dominated liquidation volumes with $251 million erased, followed by Bitcoin at $102 million.

The Fed’s potential September rate cut could expand liquidity further, potentially extending crypto’s current momentum as markets remain closely tied to US monetary policy decisions.

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Dogecoin, despite being held up around the $0.21 to $0.23 price zone, has seen its user base grow with adoption among crypto investors of all types. Notably, on-chain data shows that Dogecoin has now surpassed 8 million in terms of addresses holding a non-zero balance.

On‑chain analytics from Santiment reveal that Dogecoin has risen from approximately 6.9 million holders earlier in 2025 to the latest 8 million milestone. Only Ethereum and Bitcoin exceed Dogecoin when it comes to user base size.

Dogecoin Holder Count Keeps Surging

The momentum behind Dogecoin’s adoption shows no sign of slowing down, and the number of addresses holding the meme cryptocurrency is now above 8 million. This trend in Dogecoin holders stems from the cryptocurrency increasingly becoming the go-to asset for many retail traders. This, in turn, has seen the number of Dogecoin holders continue to surge this year, especially as retail investors start to transition from other large market-cap cryptocurrencies like Bitcoin, which many now argue is the crypto for institutions. 

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Although Dogecoin also saw a huge growth in the number of holders in 2024, the growth in 2025 is outpacing the trend seen in 2024,  To put this into perspective, it took the whole year to add 1 million new DOGE holders in 2024, whereas in 2025, the same milestone has taken less than eight months. This is a substantial increase from about 6.9 million holders in the beginning of 2025.

The latest figures place Dogecoin well ahead of other large market cap cryptocurrencies such as Cardano (ADA), Chainlink (LINK), and XRP, as well as major stablecoins including USDT and USDC, in terms of total holder count. Only Ethereum, with about 148 million addresses, and Bitcoin, with around 55 million, surpass Dogecoin’s adoption levels.

DOGE Whales Continue Accumulating

The steady increase in new Dogecoin addresses has been supported by a corresponding increase in whale accumulation. Trading data shows that large wallets have added more billions of Dogecoins in recent weeks. For instance, recent on-chain data shows that wallet addresses holding between 100 million and 1 billion Dogecoin recently added about 2 billion Dogecoin worth $448 million to their holdings within a week. At the institutional level, Bit Origin made headlines after committing $500 million to a Dogecoin treasury last month when the price was hovering around $0.24.

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Technical traders are also paying close attention. One analyst known as Trader Tardigrade pointed out that DOGE’s current chart setup is nearing the final stages of consolidation before a pump on the daily candlestick timeframe chart. If this pump were to manifest, the analyst projects a pump to $0.41 after breaking out of a triangular consolidation pattern. 

Interestingly, a longer-term analysis from the same analyst on the monthly candlestick timeframe chart shows that Dogecoin has built a support base and is ready for the next leg up that would take it to as high as $4.

At the time of writing, Dogecoin is trading at $0.222, up by 4.3% in the past 24 hours.

Featured image from Getty Images, chart from Tradingview.com

Aave reached multiple all-time highs this week, fueled by the heated crypto market.

The money market protocol reached $3 trillion in cumulative deposits on Aug. 15, while surpassing $29 billion in active loans on August 13, according to Token Terminal data.

Additionally, Aave’s total value locked (TVL) climbed to a record high above $40 billion on Aug. 14, based on DefiLlama data. 

The achievements come amid DeFi lending emerging as the second-largest category with $75.3 billion in combined TVL.

Lending sector shows strong growth

DeFi lending protocols collectively manage $75.3 billion in total value locked across 540 protocols, making it the second-largest DeFi category behind liquid staking’s nearly $81 billion. 

The lending sector has posted a strong recent performance with 18.7% growth over the past month, outpacing most other DeFi categories. Furthermore, active loans reached roughly $43 billion on August 13, a new record for the sector.

Within this landscape, Aave commands a dominant position with approximately 66.7% market share of the DeFi lending market. Aave’s nearest competitor, Morpho, holds just $6.3 billion in deposits. As a result, Aave is nearly six times larger. 

The protocol’s TVL has grown 25.7% over the past 30 days, with active loans increasing by nearly $8 billion (38%) in the same period. This growth trajectory positions Aave among the top 41 US-chartered commercial banks by deposit volume, ahead of established institutions like Barclays.

Token performance and growth outlook

The AAVE token has surged 138% from its 2025 bottom on April 8. Aave founder Stani Kulechov projects the platform could reach $100 billion in net deposits before year-end, which would place it among the world’s 35 largest banks on par with Deutsche Bank.

The protocol’s expansion has been driven by institutional adoption and strategic partnerships. 

Nasdaq-listed BTCS uses Aave to generate yield on Ethereum holdings, while $6.4 billion of Ethena’s USDe stablecoin and related assets are deposited on the platform.

Aave’s multiple records this week demonstrate the protocol’s evolution into a potential institutional-grade financial infrastructure, capturing market share as traditional finance institutions increasingly integrate decentralized lending services.

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Bitcoin reached a new all-time high above $124,000 early this morning, surpassing its previous peak set in July, while Ethereum approached $4,800, a level not seen since late 2021.

Both assets surpassing or reaching key historical thresholds creates market momentum, which is supported by macroeconomic expectations, regulatory changes, and derivatives positioning.

The latest surge coincided with increased probability of a Federal Reserve rate cut in September, now priced at more than 80% in futures markets. Lower interest rates are generally seen as supportive for risk assets, and the combination of softening monetary policy with sustained institutional demand has been a consistent driver for crypto markets in 2025.

The current administration’s policy backdrop, which includes measures to allow 401(k) retirement plans to hold crypto and the passage of the stablecoin GENIUS Act, is also contributing to a favorable environment for digital assets.

Options data show traders targeting $126,000 in the near term for Bitcoin, with some positioning for $128,000 to $132,000 if momentum holds. This follows a year-to-date gain of roughly 33% for Bitcoin, which has also nearly doubled over the past 12 months. The recent price action saw Bitcoin break through multiple resistance levels, including $120,923 and $123,164, before hitting its new high.

Ethereum has advanced roughly 41% since January, climbing to about $4,780 on Thursday. The move brings it within reach of its all-time high of $4,800. Standard Chartered has set a $7,500 target for ETH within the next six months.

Macro conditions have been a major factor for both assets. Reuters reported that the dollar weakened as investors positioned for U.S. rate cuts, supporting risk assets broadly. For crypto markets, these developments add to a year marked by heavy exchange-traded fund inflows, expanded participation from traditional finance, and increased regulatory clarity in the U.S. Policy support and macro tailwinds have been reflected in heightened spot volumes and open interest across futures and options markets.

While the market outlook remains tied to the pace and scale of central bank easing, technical levels are closely watched. For Bitcoin, $125,000 is seen as immediate resistance, with further upside potential toward $132,000 if current conditions persist.

For Ethereum, $4,800 remains the key level to clear before a potential move into uncharted price discovery. Both assets are trading in zones last visited during prior market peaks, with on-chain data showing robust network activity accompanying the price moves.

Over the last few hours, a minor retracement has placed Bitcoin 1.7% below its new highest valuation, around $121,900. Ethereum remains at the threshold of matching its own record, just $50 away, marking a notable moment in the ongoing 2025 rally.

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Ethereum (ETH) approached within 3.9% of its all-time high as altcoins demonstrated broad strength.

Leverage across major alternative cryptocurrencies reached a record $47 billion according to Glassnode data.

Ethereum traded at $4,738.94 as of press time, up by 3.1% in the past 24 hours and just 2.7% away from its all-time high registered in November 2021. 

The rally coincided with widespread altcoin gains, with seven-day returns showing Ethereum and Dogecoin both up 25.5%, XRP gaining 16.2%, and Solana advancing 13.6%.

Bitfinex head of derivatives Jag Kooner attributed Ethereum’s momentum to “strong ETF inflows, institutional accumulation, and a favourable macro backdrop after softer CPI data boosted rate-cut expectations.” 

The combination has driven traders back into risk assets, with both Bitcoin and Ethereum seeing renewed long positioning.

Options activity signals breakout expectations

Ethereum options open interest climbed to a year-to-date high of approximately $16.1 billion alongside the spot price rally, according to Glassnode.

The elevated open interest signals strong demand for optionality around the potential breakout above previous highs.

Call premium activity confirms bullish positioning, with traders paying approximately $82 million on Aug. 8 and $31.5 million on Aug. 11, consistently outpacing put premium. 

Glassnode data indicated traders are paying premiums for upside convexity as Ethereum approaches record levels.

Options data shows low implied volatility despite the open interest buildup, suggesting markets expect a sharp move ahead while hedging downside risk. 

Kooner, from Bitfinex, noted that compressed volatility indicates any macro shock could trigger significant price swings.

Altcoin sector shows statistical outperformance

Market-cap-weighted seven-day returns across top altcoins breached the line in a standard deviation band three times since April, marking statistically significant outperformance periods. 

The magnitude and frequency highlight sustained capital rotation from Bitcoin into the altcoin sector.

The leverage buildup creates conditions where price movements can trigger cascading effects across multiple assets.

Glassnode highlighted that the broad altcoin strength reflects “an intensifying speculative bid and a market-wide appetite for higher beta exposures as momentum builds outside Bitcoin.”

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Bitcoin is holding firm above the $115,000 level after several days of trading below it, signaling renewed strength in the market. The bullish tone is building as Ethereum posts massive gains and altcoins begin to show strong moves over the past few days. For some analysts, this could be the start of the long-awaited altseason; for others, it’s simply the rest of the market catching up to Bitcoin’s earlier rally.

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Top analyst Axel Adler noted that Bitcoin’s price is now trading close to its all-time high, with the BTC Z-Score (Price, 30/365) sitting around +1.5σ above its one-year norm. This reading is well below the +2.5σ level typically associated with overheating, suggesting that while momentum is strong, it is not yet at extreme levels. The current environment offers a favorable backdrop for potential upside, with room for the market to expand further before reaching overheated conditions.

With altcoins gaining traction and Ethereum’s rally adding fuel to the market’s optimism, the coming days could determine whether this is a sustainable breakout or just another phase of consolidation before the next major move.

On-Chain Activity Still Lags Behind Price

According to Adler, Bitcoin’s current market setup is showing a positive backdrop but with some important caveats. Adler points out that the Adjusted Price Divergence (APD) remains negative near −1.5 after rebounding from local lows around −2. This metric suggests that Bitcoin’s price is still outpacing on-chain activity, although the gap between the two is narrowing. In other words, while price momentum is firm, the network’s transactional activity and usage haven’t yet fully caught up.

This discrepancy creates an interesting dynamic for the market. Adler explains that the bias still favors price, meaning momentum is being driven more by investor positioning and sentiment than by on-chain fundamentals. For the rally to gain more structural support, a healthier setup would see APD move toward zero. This could happen in one of two ways: either network activity increases significantly while price moves sideways or posts modest gains, or Bitcoin’s price cools off to better align with current usage levels.

Importantly, Adler warns against interpreting APD moving toward zero as a direct buy or sell signal. Instead, it represents a sign of normalization — a point where market price and underlying network fundamentals are better aligned. For now, Bitcoin’s technical and macro backdrop remains bullish, but sustained long-term growth will likely require the network to catch up with price action.

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Bitcoin Price Holds Key Support Near $115K

Bitcoin is consolidating above the $115,724 support level after a brief dip below it earlier this month. The daily chart shows price stabilizing just above the 50-day simple moving average (SMA), currently near $113,324, which has acted as a strong dynamic support throughout the recent uptrend. The short-term structure remains bullish, with BTC trading inside a range between $115,724 support and the $122,077 resistance level.

Volume has tapered off slightly since the early August rebound, suggesting the market is in a wait-and-see mode before a potential breakout. A decisive close above $118,000 could invite another test of the $122,077 resistance, a key level that has capped upside attempts multiple times. If broken, this could open the door toward new all-time highs.

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On the downside, losing $115,724 would shift focus to the 100-day SMA at $108,983 as the next major support. Until then, the higher-lows pattern suggests buyers are defending the mid-$115K zone aggressively.

Featured image from Dall-E, chart from TradingView

A widely followed crypto analyst says that Ethereum (ETH) looks set to reach a new all-time high within the next few months.

In a new strategy session, Benjamin Cowen tells his 917,000 YouTube subscribers that the second-largest digital asset by market cap has met his previous criteria of forming a higher macro low, therefore setting it up for an eventual push to new highs.

“For a long time, my bias was that it made sense to fade Ethereum because it was going to bleed against Bitcoin, and it needed to go home. It needed to form a macro higher low. Now, that’s happened. So, what is my bias now, right? Well, my bias now is that it will make new all-time highs and I’m going to say no later than December.”

Cowen sees Ethereum hitting its market cycle top before January 2026, with a maximum price tag of $7,500.

“I think the top for Ethereum for this market cycle will occur no later than January, and it could very well occur before that. It depends on what happens. So let’s suppose that Ethereum does go to a new all-time high this cycle and let’s suppose it happens within the next 5 to 6 months…

We did this whole video on the butterfly effect, where essentially if you go through the butterfly effect, it calls for a price of Ethereum, potentially of $5,300 to as high as $7,500. So, I say that again. $5,300 to $7,500 is a range that would be justified if you believe in that butterfly harmonic pattern that we’ve been following for a while.”

The butterfly effect refers to a harmonic pattern Cohen believes Ethereum is following, one that leads to a cycle top and an ensuing bear market.

Ethereum is trading for $3,499 at time of writing, a 3% increase during the last 24 hours.

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Generated Image: Midjourney

Global interest in stablecoins has hit unprecedented levels, with Google searches for the term “stablecoins” reaching an all-time high in July 2025.

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This spike follows the recent passage of the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act on July 18, signaling a pivotal shift in regulatory clarity and institutional confidence in the sector.

Google Data: Parabolic Growth and Market Dominance

Data from Coingecko shows that the stablecoin market cap now stands at $272 billion, representing roughly 7% of the total cryptocurrency market. U.S. dollar-pegged stablecoins account for about 98% of this total, with Tether maintaining its dominance at 60%. In the meantime, as stablecoin activity increases, the Bitcoin price trends to the upside as seen on the chart below.

Bitcoin price trends to the upside as stablecoin activity heats up. Source: BTCUSD on Tradingview 

Bitwise Asset Management reported record-breaking stablecoin transactions and issuance across 2025, prompting crypto analysts to call the market’s trajectory “parabolic.” Ethereum-based firm SharpLink summed up the sentiment in a viral post: “You can’t spell ‘stablecoins’ without ‘parabolic.’”

GENIUS Act Sparks Institutional Adoption

The GENIUS Act, hailed for providing much-needed regulatory structure, has ignited a wave of interest from both retail users and financial institutions.

Companies like Interactive Brokers and Robinhood have launched or explored their own stablecoins, aiming to offer 24/7 funding, faster settlements, and increased user engagement.

Nassar Al Achkar, Chief Strategy Officer at CoinW exchange, explained that stablecoins are emerging as a “hedge against crypto volatility” and a valuable tool for cross-border payments. “Institutions are entering the space not just for innovation, but for safer investor options,” he added.

Stablecoins’ Speculation Set to Change to Foundation

The surge in search interest, as measured by Google, and market activity shows a significant transformation in how stablecoins are perceived, from speculative digital assets to foundational elements in global finance.

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While challenges remain, particularly around reserve backing and regulatory harmonization, the GENIUS Act appears to have laid the groundwork for a stablecoin-driven financial future.

As adoption continues to rise, according to Google data, stablecoins are increasingly positioned beyond being crypto tools, becoming building blocks of the next generation financial infrastructure.

Cover image from Unsplash, chart from Tradingview