Flagship altcoin Ethereum (ETH) has achieved a significant milestone, reaching a new record high for the first time in nearly four years. The token hit a new peak of $4,885 at 21:08 UTC on the Bitstamp exchange, demonstrating a powerful surge of more than 15% in a single day. This remarkable rally is largely attributed to Federal Reserve Chairman Jerome Powell's explicit signal that a rate cut would occur next month, which immediately galvanized the cryptocurrency market.

The impact of Ethereum's ascent extended across the crypto market, with Bitcoin's dominance plunging to just 56.5% according to CoinGecko data. This period of rapid price appreciation also triggered substantial market liquidations, as CoinGlass data revealed that a staggering $287 million worth of shorts were wiped out over a 24-hour period. In comparison, only $67 million worth of Bitcoin shorts were liquidated during the same timeframe. A particularly notable event was a $10 million ETH liquidation order that took place on the OKX exchange.

Veteran commodity trader Peter L. Brandt, who has been in the trading business since the mid-1970s and is now also involved with Bitcoin, commented on Ethereum's new historic price peak. Despite his past criticisms of ETH as an asset, Brandt acknowledged its