Ethereum price rose by as much as 10 per cent today thanks to a much-awaited bull run in the cryptocurrency markets across the globe.
Eth price rose by some $50 within about one hour today starting at precisely 12 o’clock London time when the east coast of America woke up. Alongside the price surge, there is a substantial increase in trading volumes as well indicates statistics from various crypto exchanges.
The trading volumes spiked by 100 per cent in past 24 hours to above $2 billion for the first time in many weeks.
Bitcoin price surged as well around the same time crossing $7,000, with the currency then up by $1,000 within an hour to above $8,000. As of this writing bitcoin price is hovering around $7,500 mark.
Bitcoin trading volumes have also risen to above $7 billion in the past 24 hours, with global crypto trading volumes standing above $21 billion once more.
The reason behind this surge is not known, but there has been a slight change in the past few days in price movements.
The general trend is that when New York wakes up crypto prices would fall, but recently they have been rising slightly during the east coast mornings. Prices generally have also been gradually slowly rising in the past few days, with ethereum managing to retake $420.
Instead of the prices going down today, ethereum price managed to hold $390, sidewaying there before taking $440, with the currency then sidewaying at $420 before this recent spike.
The price increase across the board indicates the reign of the bulls after a stupendous fall for the past four months.
There were quite a few announcements recently that Soros, the Rothschilds, the Rockefellers, and perhaps others, are now starting to invest in cryptos or in the wider ecosystem and that could be one of the reason behind the latest surge.
That might suggest this space is now perhaps entering the second stage, moving from early adopters to institutional investors.
But the price move might also be due to as of yet unknown significant news, yet in the circumstances we think sentiment could also be a sufficient explanation considering the price direction in recent days.