The crypto market is rallying, and the two most-capitalized coins—Bitcoin and Ethereum—are leading the way.
With Bitcoin up 12% and trading above $8,500 per coin, Ethereum has surged to $215. This 10% increase for ETH has it trading at a price not seen since early March. All in all, the price of Ethereum has now nearly doubled since the Black Thursday market crash which saw ETH drop down to $109 per coin.
The crypto market as a whole has now more than recovered from the mid-March crash. But it’s not just retail investors who are showing interest in digital assets such as Ethereum.
On Monday, Decrypt reported that institutional digital assets manager Grayscale is currently buying up half of all newly minted Ethereum tokens. The firm now owns roughly 1% of Ethereum’s total supply.
The news followed reports from earlier this month which revealed that Grayscale had received record inflows for Ethereum during the first quarter of the year. Its Q1 ETH inflows of $110 million trumped the previous two quarters combined for the firm.
Meanwhile, the rest of the crypto market is similarly booming today. Ripple’s XRP is up 8% and trading at $0.22 per coin, while EOS and Litecoin are each up around 11% on the day.
In total, the crypto market has surged by $16 billion today in combined market capitalization.