Ethereum Gains 3.4% as Bitmine Hoards ETH

Ethereum climbed steeply on Monday after a week of losses that affected the entire cryptocurrency market.

Written by: Timothy St. John • Monday, June 29, 2026 • 2 min read

• Last updated: Monday, June 29, 2026

Ethereum shot up Monday following a Bitmine purchase.

Quick overview

Ethereum (ETH) surged by 3.39% on Monday, reaching a price of $1,620 amid a broader market recovery.
Bitmine Immersion Technologies purchased over 27,000 ETH last week, moving closer to their goal of owning 5% of all Ethereum tokens.
Despite recent gains, Ethereum has lost around 8% of its value over the past week, following a period of sharp declines in the crypto market.
The current week shows promise for crypto tokens, with increased trading activity and rising investor sentiment.

Ethereum (ETH) surged higher than much of the rest of the cryptocurrency market on Monday with gains of 3.39% while Bitmine reported a purchase of 27,084 ETH last week.

Bitmine purchases thousands of ETH last week to inch closer to its goal.

Bitmine Immersion Technologies has been inching closer to their goal of owning 5% of all Ethereum tokens after the blockchain tech company bought more than 27,000 ETH over the last week. Their purchase was part of the reason that Ethereum climbed Monday and hit a price of $1,620 (ETH/USD).

ETH/USD

The broad crypto market rose on Monday as hostilities between Iran and the United States eased after a weekend of fighting. Stock futures rose as well, and oil prices dipped while investors jumped back into the market to trade vigorously at the start of a shortened week.

Ethereum Down 8% but Regaining Ground

Over the last week, Ethereum slipped even further from its all-time high and lost around 8% of its value. The crypto market experienced a rough week of sharp declines across the board, and Ethereum lost market support after it enjoyed a mostly stable period the week before.

The current week, starting on June 28th, has been promising for crypto tokens so far, with Bitcoin (BTC) rising 1.10% and XRP (XRP) and Hyperliquid (HYPE) up by 2% and 5.6%, respectively. Other leading crypto tokens rose sharply as well, buoyed by rising investor sentiment and a bullish financial marketplace.

Can Ethereum keep up its momentum? The coin is trading at a rate of $11.64 billion over the last 24 hours. That is an increase of nearly 100% from the previous day, and such tremendous growth is unlikely to be maintained for long. We anticipate that Ethereum and the rest of the market will slow down by Tuesday and start to stabilize somewhat. ETH and other tokens may continue to climb through the week, but likely not at the same significant rate as we are seeing for Monday.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.