The Second-Largest Crypto in the World Is Up 65% Over the Past Month. Here Are 5 Catalysts Behind the Surge.
Ethereum ETFs had inflows of $3.5 billion over a 12-day period, a sign of more institutional investment.
10 publicly traded companies now hold Ethereum in their company treasuries.
Ethereum has the most activity on its blockchain and is a hub for stablecoins.
10 stocks we like better than Ethereum ›
Fortunes change quickly in the crypto market. Case in point: Ethereum (CRYPTO: ETH) has gone from a down year to one of the hottest cryptocurrencies in a matter of weeks. It's up 65% over the last month at the time of this writing (July 22), far outpacing market leader Bitcoin (CRYPTO: BTC).
Here's a look at the catalysts that have led to massive gains for Ethereum -- and why it could continue to go even higher.
1. Ethereum ETFs are seeing record inflows
The SEC approved the first spot Ethereum ETFs last year, and while they've been successful so far, they really started to take off in the last few weeks. Ethereum ETFs passed their 12th consecutive day of positive inflows on July 21, accumulating $3.5 billion in total net inflows over that period.
Bitcoin ETFs, on the other hand, ended a 12-day streak of positive inflows on July 21. And during that time, there were several days when Ethereum ETFs had higher daily inflows than Bitcoin ETFs.
These ETF inflows are an indicator of growing interest in Ethereum from institutional investors. Institutional capital has been a key factor in Bitcoin's bull run, and it could do the same for Ethereum.
2. Companies are adding Ethereum to their treasuries
Businesses are now buying cryptocurrencies for their corporate treasuries. Bitcoin is the cryptocurrency of choice, as there are currently 40 publicly traded companies holding it, according to CoinGecko. Combined, they hold 4% of the total Bitcoin supply, with a value of $100 billion.
But Ethereum is gaining ground among companies that want to have cryptocurrency on their balance sheets. Ten companies are holding a combined $3 billion in Ethereum, including Coinbase, which has about $430 million. Even Bitmine Immersion Technologies, a Bitcoin mining company, has $1.1 billion in Ethereum.
The amount of Ethereum held by public companies is still fairly small at less than 1%, so there's plenty of potential growth.
3. It's the most popular blockchain ecosystem
Ethereum was the first major blockchain platform with smart contract functionality, giving developers a place to build decentralized apps (dApps) and create new crypto tokens. While many other blockchains have since emerged as competitors to Ethereum, its first-mover advantage has been tremendous.
One way to evaluate the success of a blockchain is the total value locked (TVL) into its smart contracts and protocols. Ethereum's TVL is $82 billion, which is 59% of the TVL in the entire crypto market. What's most impressive is how Ethereum has largely been able to maintain its position even with increasing competition. It has generally been responsible for about 50% to 60% of the crypto market's TVL for over three years.
4. Ethereum is also the top blockchain for stablecoins
Stablecoins, which are cryptocurrencies tied to a fiat currency, have been a hot topic lately. The U.S. passed its first major piece of cryptocurrency legislation, the Genius Act, earlier this month, and it specifically deals with stablecoin regulations. The total combined market cap of stablecoins is on the rise and is now over $250 billion.
Stablecoins are issued on blockchain networks, and Ethereum is the most common choice. It's responsible for about half the total stablecoin supply -- some $130 billion. The largest stablecoins operate on Ethereum, including Tether, USDC, and Dai.
Since they maintain a consistent value, stablecoins are widely used and have high trading volumes. They also generate substantial transaction fees, and no blockchain benefits more than Ethereum. Over the last year, it has made over $6 billion in fees from Tether alone.
5. It's seen as a more affordable alternative to Bitcoin
Bitcoin and Ethereum aren't direct competitors. Bitcoin is a store of value, while Ethereum is a smart contract blockchain, so they serve two very different roles. But some crypto investors look at Ethereum as an alternative to Bitcoin, particularly when they worry that the latter has gotten overvalued.
That could be driving investments in Ethereum, along with the reasons above. Bitcoin costs about $120,000 and has a market cap of $2.4 trillion. A common question on crypto forums nowadays is whether it's too late to invest in Bitcoin.
Ethereum costs about $3,700 and has a market cap of $450 billion. It also hasn't grown nearly as much as Bitcoin until recently. While both have their merits as crypto investments, there's an argument to be made that Ethereum could have more room to grow at its current value.
Should you invest $1,000 in Ethereum right now?
Before you buy stock in Ethereum, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ethereum wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!*
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These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'potential,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CEP's securities; the risk that the Proposed Transactions may not be completed by CEP's business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Business Combination, including the approval of CEP's shareholders, or any of the PIPE Offerings; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of CEP's public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the CEP Class A ordinary shares or the shares of Twenty One's Class A Stock; the lack of a third-party fairness opinion in determining whether or not to pursue the Business Combination; the failure of Twenty One to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to Twenty One's anticipated operations and business, including the highly volatile nature of the price of Bitcoin; the risk that Twenty One's stock price will be highly correlated to the price of Bitcoin and the price of Bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; risks related to increased competition in the industries in which Twenty One will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding Bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, Twenty One experiences difficulties managing its growth and expanding operations; the risks that growing Twenty One's learning programs and educational content could be difficult; challenges in implementing Twenty One's business plan including Bitcoin-related financial and advisory services, due to operational challenges, significant competition and regulation; the outcome of any potential legal proceedings that may be instituted against CEP, Twenty One, Twenty One Assets, LLC or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that CEP, Twenty One and/or Twenty One Assets, LLC filed, or that will be filed, with the SEC. 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There may be additional risks that neither CEP, Twenty One Assets, LLC nor Twenty One presently know or that CEP, Twenty One and Twenty One Assets, LLC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CEP, Twenty One and Twenty One Assets, LLC assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CEP, Twenty One nor Twenty One Assets, LLC gives any assurance that either CEP, Twenty One or Twenty One Assets, LLC will achieve its expectations. The inclusion of any statement in this press release does not constitute an admission by CEP, Twenty One or Twenty One Assets, LLC or any other person that the events or circumstances described in such statement are material.
