Ethereum is dead, so the saying has been for a long while, mostly from Bitcoin maximalists. No doubt, it has been a tough time for investors, but with BlackRock purchasing close to 11,000 ETH for its fund, shows there’s some serious institutional demand for the second biggest crypto. A 22% rise in the Ethereum price over the last 24hrs has followed, which is signalling that the party is just getting going and ETH is well and truly alive.
Ethereum Price Explodes After BlackRock Purchase, How High Can It Go?
The Ethereum price has surged in value following a major vote of confidence from institutional titan BlackRock. After months of doom and gloom and as a seemingly forgotten crypto, the world’s largest asset manager, BlackRock expanded its ETH holdings by purchasing an additional 10,955 ETH, worth approximately $20.1 million.
This move increased BlackRock’s total ETH exposure by 37%, and they now hold $74 million, at the time of the purchase. What’s particularly notable about BlackRock’s move is that there was a broader crypto market pullback. No doubt Larry Fink and co. have greater insight, but it’s still a notable move from the institutional giant.
While many traders adopted a risk-off approach, BlackRock doubled down on its Ethereum investment, and it triggered a huge move. The Ethereum price responded positively, of course, and is up 22% since yesterday, marking the local bottom for ETH.
BlackRock’s sustained accumulation points to growing institutional appetite for Ethereum, and this as a long-term bullish signal. As Ethereum continues to mature and deliver on its development roadmap, the likes of BlackRock will continue to accumulate and this can only mean one thing for the Ethereum price in the long term.
Pectra Upgrade Sets Stage for Ethereum’s Scalability and Mass Adoption
Alongside institutional interest, the Ethereum price rally is also being fueled by a monumental network upgrade that was triggered on the 7th May. The Pectra hard fork, a combination of the previously planned Prague and Electra upgrades, is set to enhance Ethereum’s scalability, efficiency, and user experience, at a time when mainstream and institutional demand is picking up.
One of Pectra’s key features is its expansion of wallet capabilities. The upgrade introduces smart contract functionality to externally owned wallets. This will simplify interactions for users and developers, making it much more accessible to mainstream and businesses, just as the Trump administration opens the door to crypto adoption in the US.
With institutional accumulation heating up and a landmark upgrade around the corner, Ethereum is well-positioned for further upside. A $10k Ethereum price has long been touted, but it’s looking much more likely with institutional adoption and upgrades that allows it to scale.
Remittix Has Been Pumping Despite The Crypto Market Lull
If the Ethereum price is finally taking off, then the long-awaited Alt Season could be around the corner and one of the most exciting projects leading the charge is Remittix (RTX). With the token already up over 400%, during the last few bearish months, investors are watching closely as this PayFi protocol edges closer to its mainnet launch, potentially in the midst of the 2025 bull market.
Remittix is much more than another alt, however. It brings real-world utility by allowing users to send crypto directly to their bank account and with zero FX fees and lightning-fast settlements. It’s what DeFi has long promised, yet never delivered, until Remittix.
With market sentiment turning bullish, the Ethereum price is signalling Alt Season is here and for Remittix the timing couldn’t be better. Get ready, because mainstream is coming and finally DeFi can handle it. Exciting times are ahead.
Discover the future of PayFi with Remittix by checking out their presale here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
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