Ethereum (ETH), the world’s second-largest cryptocurrency by market value, rose on Thursday above the $2,000 threshold. The rally came after U.S. President Donald Trump’s State of the Union address, which conveyed a broadly pro-growth tone that buoyed overall market sentiment, although he did not directly mention cryptocurrencies.
The renewed appetite for risk among crypto investors also lifted Bitcoin, which advanced more than 6 percent to $69,000 this week, bringing the total cryptocurrency market capitalization to approximately $2.35 trillion.
As of 12:25 GMT, Ethereum was trading 0.42 percent higher at $2,062.50.
Ethereum rallies but remains 58.71 percent below its all-time high
On Wednesday, Ethereum gained 10.08 percent, marking the cryptocurrency’s biggest single-day percentage increase since February 25.
The rally lifted Ethereum’s market capitalization to $245.23 billion, accounting for 10.46 percent of the total crypto market value. At its peak, Ethereum’s market cap reached $583.89 billion.
Over the previous 24 hours, Ethereum fluctuated between $1,846.80 and $2,046.23. In the past week, the token has advanced 3.18 percent. Trading volume stood at $21.19 billion, representing 20.99 percent of the total cryptocurrency trading volume.
Despite the recent rebound, Ethereum remains 58.71 percent below its all-time high of $4,955.90, recorded on August 24, 2025.
Read: Crypto market rebounds as Bitcoin rises above $65,000
Market sentiment remains subdued
As Ethereum continued its rally, Bitcoin posted modest gains on Thursday, hovering around $68,600 after briefly touching the $70,000 level in a strong U.S. session the previous day.
With February nearing its end, the world’s largest cryptocurrency continues to move within the range that has defined price action since the start of the month. It dipped to around $62,500 on Tuesday, while its recent upside peak was near $71,100 on February 15.
Investor sentiment around Bitcoin had shifted sharply negative after an extended downturn in crypto prices since October. Even fresh buying from major corporate holder Strategy failed to ease worries about the potential for further losses.
Although prices rebounded this week, overall market sentiment remained subdued.
