The price of Ethereum today spiked more than 4% within hours and momentarily hit the $190 per coin mark for the first time in over a month.
Ethereum is currently trading for $189, following a trend set yesterday when ETH jumped around 7% as the crypto market rallied. Monday’s oil price crash appeared to have had effects in both the crypto and stock market, but these markets have since recovered—and then some.
The last time Ethereum was trading above $190 was before the March 12 market crash. Still, the crypto asset has a long way to go before getting back to mid-February numbers of $285 per coin.
On the other hand, it’s worth noting that interest in Ethereum among instructional investors appears to be on the rise.
Institutional crypto fund manager Grayscale reported last week that the firm saw a massive influx in quarterly inflows for ETH during the first quarter of the year—more than the previous two quarters combined.
Meanwhile, the price of Bitcoin, the leading cryptocurrency by market cap, today exploded by almost 10%, reaching a peak of $7,600. The rest of the crypto market appears to be coming along for the ride. Ripple’s XRP is up 4%, Cardano (AMA) is up 9%, and Tezos (XTZ) has jumped 8% to reach $2.50 per coin.
As Decrypt reported earlier today, some analysts believed Bitcoin was poised for a breakout should it cross the $7,200 barrier. Now that it has, is Bitcoin having its moment?