Paul Johnson XRP may still hold the crown as 2025’s top-performing major cryptocurrency, but Ethereum is mounting an impressive challenge as the year heads into its second half.
Year to date, XRP has surged 42%, outpacing even Bitcoin’s (BTC) 22% gain. Yet Ethereum, despite posting a modest 8% rise for the year, has exploded 40% in just the past 30 days. This sudden momentum mirrors the kind of rally XRP enjoyed earlier in the year — and is prompting some investors to reconsider their portfolios.
The key driver behind Ethereum’s summer rally has been the emergence of Ethereum Treasury Companies — entities formed with the singular mission of buying and holding large amounts of ETH. The trend takes inspiration from the Bitcoin Treasury Company model but is gaining traction quickly in the Ethereum ecosystem.
One standout example is Bitmine Immersion Technologies (NYSEMKT: BMNR). Previously a modest Bitcoin mining outfit, Bitmine made headlines after appointing Fundstrat co-founder Tom Lee as chairman and shifting its strategy to become the leading Ethereum Treasury Company. This pivot has helped fuel bullish sentiment around ETH.
While XRP Treasury Companies have also been established in recent months, they have yet to generate the same level of market enthusiasm. Whether that changes over the next year remains to be seen, but for now, Ethereum has the momentum advantage.
Adding to Ethereum’s bullish case is the growing prominence of stablecoins. With Ethereum hosting the vast majority of stablecoin activity, the network is poised to benefit from rising demand. This summer, stablecoins have been a hot topic among retailers, fintech firms, and tech giants alike, with the U.S. Treasury Department lending further support to the sector.
For investors, the question is no longer whether Ethereum can keep up with XRP — it’s whether ETH is now the one leading the charge.
