Ethereum led the crypto market on Thursday, rising over 5% to $3,432, as institutional investors ramped up exposure to the blockchain platform.
The rally, which has seen the digital currency jump 36% in the last month to its highest since January, comes amid reports that tech billionaire Peter Thiel has taken a significant stake in BitMine, a firm focused on Ethereum-based assets, reinforcing sentiment around ether’s growing appeal as an income-generating digital asset.
Ether’s strength stood in contrast to bitcoin, which traded relatively flat just above $118,000, down from a record $122,900 earlier in the week.
Analysts cited profit-taking by short-term holders, with on-chain data from Glassnode suggesting early signs of a market top.
Ethereum’s appeal lies in its role as a yield-bearing platform, with staking returns of 4–6% and a deflationary token supply.
The ETH/BTC ratio also showed signs of recovery, suggesting renewed appetite for alternative digital assets as bitcoin’s rally paused.