Ethereum (ETH-USD) prices rose to near record levels on Wednesday as Wall Street grows increasingly bullish on the crypto play.
The world’s second-largest cryptocurrency by market cap jumped as much as 6% to hover above $4,680 per token, just shy of its 2021 record level.
“We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years,” Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Lee noted the majority of Wall Street crypto projects and stablecoins, or digital tokens backed by assets like the US dollar, are being built on the ethereum infrastructure.
Ether, the native token of ethereum, is up more than 50% since the GENIUS Act legislation, which creates guardrails for the stablecoin industry, was passed last month.
Additionally, the Securities and Exchange Commission’s recent “Project Crypto” announcement, an initiative to modernize the agency and establish clear regulations around the digital asset industry, has also fueled the rally in ethereum.
Fundstrat sees ETH hitting prices moving as high as $15,000 by year-end.
The token is up 16% over the past five sessions versus bitcoin’s (BTC-USD) rise of 4%.
Some companies have increasingly been raising capital to add ethereum to their balance sheets in a similar fashion to Strategy’s (MSTR) bitcoin corporate treasury play.
Read more: Can you buy crypto with a credit card? See the pros and cons.
Inflows into ethereum by such digital asset treasury companies have supported higher prices, Spencer Hallarn, global head of over-the-counter trading at crypto platform GSR, told Yahoo Finance.
“This positive price momentum has reinforced further investor enthusiasm and flows into the space,” he added.
For example, BitMine Immersion Technologies (BMNR), chaired by Fundstrat’s Tom Lee, announced plans on Tuesday to sell up to another $20 billion worth of stock to increase its holdings of ethereum.
The company’s goal is to eventually acquire 5% of the world’s outstanding ETH tokens. BitMine shares are up roughly 80% over the past five days.
Meanwhile, gaming and sports betting company SharpLink Gaming (SBET) and blockchain tech firm BTCS (BTCS), both of which are pursuing similar strategies, are also up 8% in the past five sessions.
Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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