Ethereum rallied on Tuesday amid optimism about the US-China trade talks and due to strong global institutional demand on the cryptocurrency.
The negotiations entered their second day in London as both sides aim to stop the trade war and reach an agreement, after the dispute disrupted supplies of rare-earth minerals and impacted many industries.
The US Trade Secretary Howard Lutnick said negotiations with China are progressing satisfactorily, expecting talks to continue all day.
Now markets await crucial US consumer prices data on Wednesday, followed by producer prices data on Friday to gather clues on future Fed rate cuts.
Ethereum was boosted after huge purchases by major institutions, led by BlackRock which bought over $500 million worth of ethereum in recent days.
Abraxas Capital also acquired 350,000 ethereum units worth $837 million, reflecting increasing confidence in the currency.
Ethereum
Ethereum surged 7% on Coinmarketcap as of 21:28 GMT to $2762.
