On Monday, the total crypto market capitalization (TOTAL) reached an all-time high (ATH) of $4.03 trillion, driven by significant gains in leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), reflecting renewed optimism in the crypto space fueled by favorable regulatory developments from the US.
Ethereum notably broke through the $4,000 barrier for the first time in almost nine months, closing the gap to its all-time high of $4,878, now just 13% away.
This upward momentum has been attributed to growing interest in cryptocurrencies, bolstered by pro-crypto regulatory measures that have enhanced market sentiment.
Notably, the US has spearheaded a new wave of pro-crypto regulations, sparking a surge in investment in the digital asset market with the passage and signing of the first crypto bill, the GENIUS Act.
This new legislation aims to create a more favorable regulatory framework for stablecoins, which are dollar-pegged cryptocurrencies. Ethereum plays a key role in the stablecoin market, as a large portion of stablecoin activity occurs on its blockchain.
In contrast, Bitcoin approached its current record high of $123,000 earlier in the day but ultimately fell short of the critical $120,000 mark, which is seen as essential for entering a new price discovery phase.
Despite this, the overall market sentiment remains buoyant, particularly in light of recent executive orders from President Donald Trump aimed at fostering a more favorable environment for digital assets.
On Thursday, Trump issued directives calling for a reevaluation of federal guidance on integrating cryptocurrencies into employer-sponsored retirement plans like 401(k)s.
Analysts view this shift as a potential boom for the crypto industry, especially considering that 401(k) assets totaled $8.7 trillion in the first quarter of 2025, according to the Investment Company Institute.
As such, Ethereum has outperformed many of its peers among the top ten cryptocurrencies, posting gains of just over 13% in the past week. The only token to surpass this growth has been Cronos (CRO), which saw an 18% rally during the same period.
Crypto analyst Doctor Profit has weighed in on Ethereum’s performance, suggesting that breaking the $4,000 barrier signals a massive breakout from an ascending triangle pattern on the monthly chart. This pattern is considered bullish, indicating that Ethereum could continue its upward trajectory in the coming months.
In a recent analysis shared on X (formerly Twitter), Doctor Profit projected that Ethereum might reach new heights, potentially hitting $8,000. If this forecast holds true, it would represent an impressive 88% increase from ETH’s current trading price of $4,250 as of late Monday.
Featured image from DALL-E, chart from TradingView.com
