Ethereum Surges 29.6% as Coinbase Shares Rise Despite Being Undervalued
Ethereum has experienced a significant price surge over the past week, gaining 29.6% and surpassing Bitcoin by 6.9 percentage points. This rally is attributed to new fund inflows driving more risk capital into the crypto market.
Coinbase Global, Inc., whose shares are listed on NASDAQ as COIN, has also seen a notable increase in value over the past five days, rising by 23.2% and reaching a closing price of $186.49 on Friday. However, this is still 4.5% below the average target set by Wall Street analysts.
The surge in Ether's price has been driven by significant fund inflows, with US-listed spot Ether ETFs attracting $220.8 million on August 20, marking the highest daily inflow in 203 sessions. BlackRock's ETHA received approximately $173 million of this total.