Ethereum Rallies 9.5% as 'QE Lite' Sends Yields Down

Ethereum's price surged 9.51% to $2,098.70 on Thursday, making it the strongest daily gain of the summer so far.

The sudden increase came after the US Treasury announced that it would at least double its long-dated bond buybacks, which analysts described as 'QE Lite.'

This move sent yields down and the dollar lower, making easier financial conditions for investors to pour back into riskier assets like Ethereum.

Ethereum outperformed Bitcoin, rising 9.51% while Bitcoin gained just 6.20%, showing that it is leading the market rather than following.