Ethereum Surges Past $2,000 as Treasury Doubles Bond Buybacks

Ethereum ($ETH) broke through the $2,000 barrier on Wednesday for the first time in over two months, following an announcement by the U.S. Department of the Treasury to double bond buybacks to $4 billion.

The news triggered a surge in the cryptocurrency market, with Ethereum's price reaching an intraday peak of $2,112 before retreating to consolidate just under $2,090.

This nearly 10% jump lifted Ethereum's market capitalization from below $230 billion to $251 billion, and pushed the total market cap for altcoins above $1 trillion for the first time in nearly a month.

Market analyst Michaël van de Poppe sees this as a 'phenomenal breakout' for Ethereum and predicts that if it remains above $2,000, the markets should expect a continuation towards $2,250, $2,465, and potentially even $2,900.