The cryptocrypto market is rallying, and the two most-capitalized coins—BitcoinBitcoin and EthereumEthereum—are leading the way.

Bitcoin
BTC
-4.56%$103,568.34
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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.

Ethereum
ETH
-2.00%$2,506.37
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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.

A pile of Ethereum coins. Image: Shutterstock.

Grayscale is buying half of all newly mined Ethereum (ETH)

Digital asset manager Grayscale has been buying one in every two newly mined Ethereum so far this year, on behalf of its investors. By April 24, it had purchased 48.4% of all coins mined since the start of 2020. Grayscale has bought 756,539 ETH since the start of this year. The amount of ETH mined across the same period is 1,563,245 ETH, equating to roughly half. Grayscale’s Ethereum Trust allows institutional investors to buy securities that track the value of Ethereum—at a 400% premium. It le...

NewsBusiness
2 min read
Tim Copeland

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.

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