While Bitcoin (BTC) is chasing new records, the quietly moving Ethereum (ETH) is also very close to breaking its previous ATH. While ETH retreated to $4,670 levels along with the general market decline following the PPI data that exceeded expectations, an updated Ethereum analysis came from US banking giant JPMorgan. According to Coindesk, JPMorgan analysts stated that the cryptocurrency market experienced a significant recovery in July, led by Ethereum (ETH). Analysts noted that the cryptocurrency market capitalization rose with the rally in ETH, increasing by 14% in July to reach $3.7 trillion. In response to the surge in crypto market capitalization, Ethereum alone has surged 49%. At this point, analysts noted that ETH has far outpaced Bitcoin's 8% increase. Analysts cited the passage of the GENIUS Act, the increase in ETH treasury companies, and the deepening of partnerships between traditional finance (TradFi) and decentralized finance as key drivers behind the rise in Ethereum and cryptocurrency value. The bank recently added that average daily cryptocurrency transaction volumes increased by approximately 50% and ETH transaction volumes by 60% last month, with strong increases in DeFi and NFT activity. *This is not investment advice. Continue Reading: JPMorgan's Ethereum (ETH) Report! "Stand Alone…"
