Ethereum's Remarkable Recovery

In a significant turn of events, Ethereum's price soared past the $4,000 mark on Friday, a milestone not achieved since December 2024. This surge is attributed to robust market conditions and an uptick in trading volumes, signaling a bullish trend for the cryptocurrency.

Impact of the US GENIUS Act

The recent enactment of the US GENIUS Act has played a pivotal role in this development. By clarifying regulations around stablecoins, the act has opened the floodgates for increased institutional investment and adoption. This regulatory clarity has not only bolstered investor confidence but also led to Ethereum processing a staggering 1.87 million transactions on August 7, marking the second-highest daily volume in its history.

Market Dynamics

At 11:03 am ET, Ethereum witnessed a 2.41% increase, reaching $4,005.9926. In contrast, Bitcoin experienced a slight downturn, losing 0.58% of its value to settle at $116,828.088 a minute later. These fluctuations underscore the volatile nature of the cryptocurrency market, with Ethereum currently leading the charge.