Ethereum reclaims $3,000 as Bitcoin flirts with $123k amid price rally

Ethereum has returned to the $3,000 mark after a six-month slump, as Bitcoin slowly slips below $123,000 after briefly touching the threshold.

According to data from crypto.news, Ethereum (ETH) has managed to beat out its tariff-induced slump and reclaim the $3,000 threshold on July 14, 2025. The last time ETH managed to reach that level was in early February, where it stood at the edge of $3,125 right before falling deeper below $2,862.

At press time, Ethereum has gone up by 3.2% in the past 24 hours. The second largest cryptocurrency is currently trading hands at $3,040 per token. In the past week, ETH has gone up by 17.7%. Within the past trading day, it reached a peak of $3,052.

On the other hand, Bitcoin (BTC) has not been able to escape the $122k to $123k range. However, BTC seemed to briefly touch $123k before slipping below $122,982 and staying within the $122,000 range. In the past 24 hours, the largest cryptocurrency by market cap has gone up by 3.6%, trading at $122,541.

Right now, BTC and ETH are head-to-head in terms of gains with BTC rising by 3.6% while ETH is lagging behind with a 3.2% rise in the past 24 hours.

Ethereum and Bitcoin on the rise

Much like Ethereum, Bitcoin experienced a slump back in February when President Trump announced blanket tariffs that ignited inflation fears across the globe. At the time, BTC slipped below $100,000 as ETH fell from $3,000.

However, unlike ETH, Bitcoin was able to recover faster, reclaiming the $100,000 threshold in May and bouncing higher since.

With the rise of the two largest cryptocurrencies, the overall crypto market according to CoinGecko has seen a surge in 24-hour trading volume from $128 billion just a few days ago to $185 billion following the surge in ETH and BTC value.

Meanwhile, the overall crypto market cap has remained relatively stable at $3.8 trillion. It experienced a slight dip by 0.1% shortly after BTC experienced its own dip back to the $122,500 mark.