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.
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.
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.
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.