Ethereum jumped 17.51% to end the session at $2,253.35, with Coinbase data showing a sharp spike in trading volume amid heightened price volatility.
Crypto traders started the day with one question dominating the market: Why is crypto up today? Ethereum opened near $2,260 after rallying almost 18% over the previous 24 hours.
CoinGecko data shows ETH trading around $1,930 yesterday before a sudden breakout sent the token to $2,325. The rapid move triggered more than $3 billion in liquidations, ranking it as the eighth-largest liquidation event on record. However, it remained well below the record $19 billion liquidation wave in October 2025, when Trump threatened 100% tariffs on China.
Ethereum posted an 18.8% gain over 24 hours, according to CoinGecko. Its trading volume surged to $31.9 billion, marking a 415.05% increase, while its market capitalization reached $272.8 billion.
The wider crypto market gained 7.5% overnight, pushing total market capitalization to $2.45 trillion and making Ethereum one of the biggest beneficiaries of the latest market-wide rally.
Why Is Crypto Up Today? Trump Reaffirms US Leadership in Bitcoin and Crypto
President Donald Trump met with executives from major crypto companies, including Coinbase Global Inc., Payward Inc. and Blockchain.com Group Holdings Inc., on Wednesday.
The Trump administration has been working to accelerate growth across crypto and prediction markets by pursuing a more industry-friendly regulatory approach.
The meeting came after the SEC proposed exemptions that could allow certain digital asset offerings to avoid securities registration statements. The move is part of the regulator’s broader crypto push after key legislation failed to advance in Congress.
According to the SEC, the exemptions are designed to make it easier for companies to launch and raise capital during their early stages. Bitcoin also posted its strongest gain since March 4, climbing to $68,476, its highest level since June 1.
Speaking to reporters after the meeting, Trump said the US would remain the “undisputed leader” in Bitcoin, crypto, prediction markets and artificial intelligence.
Trump further indicated that the US could purchase “sizable” amounts of Bitcoin and other cryptocurrencies. His comments fueled buying pressure, sending Ethereum above $2,000 while Bitcoin approached $69,900.
Trump’s remarks appear to have provided the catalyst behind the sudden market surge, offering traders a likely explanation for why crypto prices have risen so sharply over the past day.
Ethereum Price Outlook: ETH Breaks Back Above $2,000
Ethereum finished Aug. 19 above $2,000 after opening around that level. ETH had traded predominantly below $2,000 during the previous month, with daily closing prices ranging from $1,844.98 to $1,954.71 between July 19 and Aug. 18.
The latest breakout has renewed market interest in a potential move toward $3,000. However, the available data do not establish a specific price target, instead highlighting Ethereum’s sharp daily gain, surging volume and close above the $2,000 mark.
Coinbase recorded 27,568 Ethereum trades over the past 24 hours, with 16,951 buyers compared with 12,069 sellers. Its buyer-ratio indicator showed buyers making up 61% of activity.
Ethereum search activity reached 8,396 queries, while ETH ranked as Coinbase’s second-most popular digital asset.
Ethereum accounted for 11.75% of the total crypto market, according to Coinbase. The network had a circulating supply of 121 million ETH with no maximum supply, while seven-day trading volume stood at $136.38 billion and 30-day volume reached $238.23 billion.
