Ethereum (ETH) is experiencing quite a resurgence, hitting key milestones and igniting market enthusiasm.

According to analytics firm Santiment, the world’s second-largest cryptocurrency has surged over 50% in less than four weeks, reclaiming heights last seen in late January while boasting a record-breaking 152.03 million non-empty wallets, the most extensive active user base in crypto.

Institutional Inflows, Social Buzz Fuel Ethereum Breakout

The Santiment data shows that since June 22, ETH’s market value has grown by more than 50%, pushing its price above $3,400 for the first time in six months.

Ethereums market value has now grown by +50% since June 22nd, hitting its highest price levels since late January. The network has over 152.03M non-empty $ETH wallets, more than any other coin in cryptocurrency.

️ Additionally, the crowd has taken note of the major price… pic.twitter.com/XJoV6THMBY

The dramatic rebound has understandably caught the crypto community’s eye, triggering the highest level of social media discussions since May 2024. Numbers from the market intelligence platform show that ETH was the top trending crypto asset in the last 24 hours across X, Reddit, and Telegram, with conversations around it predominantly characterized by bullish sentiment as users set their sights on $4,000.

“The crowd has taken note of the major price rebound, pouring in the highest level of discussions since a similar price rise back in May 2024,” said Santiment.

This uptick seems to have been fueled by a combination of institutional accumulation and renewed investor enthusiasm following Bitcoin’s recent run to a new all-time high. On July 16, spot Ethereum ETFs shattered records, attracting more than $726 million in net investments. BlackRock’s iShares Ethereum Trust (ETHA) led the charge, registering its highest single-day inflow since launch with a $489 million haul.

With Fidelity and Grayscale also reporting substantial capital entries, corporate holdings of the asset have swelled to 1.6 million ETH, valued at an estimated $5.3 billion. As noted by the Strategic Eth Reserve, accumulation is now occurring 36 times faster than new ETH issuance.

Market Outlook

Meanwhile, in the last 24 hours, the cryptocurrency rose 10% to trade around $3,450 per data from CoinGecko. In the past seven days, its value increased by 25%, vastly outperforming Bitcoin’s 6.8% growth in the same period.

More notably, SwissBlocks recent Altcoin Vector report hinted at ETH’s growing magnetism for liquidity after noting a steady rise in the ETH/BTC ratio. The report suggests that Ethereum is now the cycle’s next leg after BTC briefly retreated to under $116,000 yesterday before bouncing back close to $119,000.

The milestone of 152.03 million non-empty wallets, highlighted by Santiment, is viewed by watchers as a sign of the networks expanding user base and fundamental health.

According to the analytics platform, the mass fear of missing out (FOMO) has now shifted to ETH, with many expecting its price to hit $4,000 imminently. Others, like on-chain analyst AbramChart, suggest that the asset will fly to new all-time highs past $5,200 if BTCs dominance decreases.