Both Ethereum (ETH) and Bitcoin (BTC) have surged today, with the former reaching yet another all-time high of just over $1,720, according to crypto metrics platform CoinGecko.

Ethereum has just reached a new ATH of $1,711
Ethereum has just reached a new ATH of $1,711. Image: CoinGecko

At the time of writing, Ethereum is trading at $1,718, up 5% on the day. The coin's market capitalization—the combined price of all ETH in circulation—amounts to roughly $195.9 billion, with a daily trading volume of over $40 billion.

Ethereum has been on a strong uptrend over the past few weeks, rising from $640 to its current price in just two months and eclipsing its previous all-time high at the start of January.

Ethereum
ETH
+2.92%$1,830.33
24H7D1M1YMAX
Created with Highcharts 10.3.3Apr 4Apr 6Apr 8Apr 10Apr 12Apr 14Apr 16Apr 18Apr 20Apr 22Apr 24Apr 26Apr 28Apr 30May 2$1300$1400$1500$1600$1700$1800$1900
Price data by
ETH price

Bitcoin, on the other hand, didn't break any records today, but its price has broken above $38,000, potentially priming the crypto to take another jab at its ATH of $41,940 on January 8. Currently, BTC is trading at $38,091 per coin.

The cryptocurrency is currently going through a correction after surging from $10,000 to above $40,000 on January 8. A large amount of institutional investment has given the asset a big boost and continues to fuel its growing momentum.

Bitcoin
BTC
+17.36%$96,209.17
24H7D1M1YMAX
Created with Highcharts 10.3.3Apr 4Apr 6Apr 8Apr 10Apr 12Apr 14Apr 16Apr 18Apr 20Apr 22Apr 24Apr 26Apr 28Apr 30May 2$70000$75000$80000$85000$90000$95000$100000
Price data by
BTC price

As Decrypt reported, the latest surge somewhat coincided with a large transfer of 14,875 BTC—worth over $556 million—from crypto exchange Coinbase Pro wallets. Another massive Bitcoin “exodus” from Coinbase Pro occurred on January 31 as over 15,200 BTC (nearly $500 million) was transferred out of the exchange’s wallets in just one day.

While demand for Bitcoin is booming lately, its supply on exchanges is shrinking, resulting in upward price pressure.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.