According to ETH data from companiesmarketcap.com, Ethereum is not the 22nd largest entity in the world, with a market cap of $565.2 billion. Ethereum’s market cap recently overtook Mastercard and has now overtaken Netflix as the 22nd largest entity. The second-largest cryptocurrency by market cap is now inches away from a new all-time high. ETH is down by just 3.7% from its peak of $4,878.26, which it attained in November 2021.
What’s Pushing Ethereum’s Market Cap?
ETH’s latest rally comes amid a larger crypto market rebound. The market rally is likely due to the lower-than-expected Consumer Price Index (CPI) figures for the month of July. Low CPI numbers have boosted hopes for an interest rate cut in September. Many experts anticipate the Federal Reserve to slash rates by 25 basis points next month. Lower interest rates may lead to investors taking on more risks as borrowing becomes easier.
ETH’s rally may have also been propelled by consistent ETF inflows. Institutional money has been a key driver for the crypto market in this cycle. Bitcoin (BTC) and Ethereum (ETH) have led the ETF inflows over the last few months. ETH recently saw record inflows of more than $1 billion in one day.
New All-Time High Soon?
ETH may hit a new all-time high very soon if it continues its current trajectory. According to a Cointelegraph X post, Standard Chartered has increased its ETH price target to $7500 by the end of this year. Hitting $7500 from current price levels will translate to a rally of nearly 60%.
However, given the fragile global economy, there is a chance that investors will take caution before putting their money in the crypto market. ETH has already seen some liquidations as it nears a new all-time high. Investors may begin to book profits. Such a scenario could lead to the asset facing a correction.