Tom Lee Describes Ethereum's New All-Time High as a 1971 Gold Moment, Predicts 'Very High Probability' of Surpassing Bitcoin

Tom Lee's Predictions: Wall Street strategist Tom Lee compares Ethereum to the 1971 abandonment of the gold standard, predicting a high likelihood that Ethereum will surpass Bitcoin in market value.

BitMine's Strategy: BitMine Immersion Technologies aims to acquire 5% of Ethereum's circulating supply, having increased its holdings significantly to become the largest Ethereum treasury globally.

Market Reactions: Following dovish remarks from Federal Reserve Chair Jerome Powell regarding potential interest rate cuts, cryptocurrency markets rallied, with Ethereum surging nearly 10% and Bitcoin rising over 2%.

Technical Analysis Insights: Analysts suggest that Ethereum is on the verge of breaking an eight-year downtrend against Bitcoin, with predictions of significant returns as institutional interest in Ethereum grows.