Weekly Recap: ETH Challenges All-Time High of $4,880

Happy weekend Defiers!

All eyes are on Ethereum as it eyes a breakout to a fresh all-time highs.

The second-largest cryptocurrency surged 15% on Friday after Fed Chair Powell’s dovish speech at Jackson Hole boosted global markets, briefly trading as high as $4,880 on some exchanges.

Also this week, Wyoming became the first U.S. state to launch its own stablecoin. The Frontier Stable Token (FRNT) is backed by dollars and T-bills and initially supports seven blockchains - Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana.

Kanye West dropped a memecoin that quickly fizzled after initially rallying to a $3 billion valuation.

Meanwhile, Robinhood has partnered with Kalshi to offer football prediction markets through its app, looking to expand its sports betting offerings.

Finally, Chainlink’s LINK token is outperforming the altcoin market, rallying 54% since unveiling a buyback mechanism two weeks ago.

Enjoy!

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ETH Nears $4,800 as Powell Hints at Potential Fed Rate Cuts

Crypto markets soared on Friday after Federal Reserve Chair Jerome Powell signaled at the Jackson Hole symposium that interest rate cuts may be on the horizon.

ETH surged 15% to challenge its all-time high at $4,880 before retracing. The bullish momentum comes as Ethereum treasury companies continue to accumulate Ether, with ETHZilla debuting on the Nasdaq earlier this week.

Meanwhile, onchain activity and DeFi TVL sit at 2025 highs, while ETH spot trading volumes have surpassed BTC for the first time since 2017.