Ethereum Overtakes $1,600, Bitcoin Crosses $37,000

Ethereum is up by another $100 today, or 7%, rising to $1,620 at the time of writing as it seemingly turns bullish.

Its unfiltered trading volumes have further increased to $59 billion, up from $36 billion yesterday.

While its market cap nears $200 billion, currently at $180 billion, with defi’s market cap also jumping to $57 billion.

The currency seems to be leading following an influx of new investors that appear to be attracted more to eth because of its smart contracts and decentralized finance.

Bitcoin has been rising too however, overtaking $37,000 to be again about 10% from its all time high of circa $40,000 reached just recently.

Bitcoin has risen by about 20% in the past week, propelled by institutional investors that more and more are warming up to the digital gold.

Billionaire Ray Dalio, for example, just recently u-turned on the currency and implied his hedge fun, Bridgewater Associates, might even invest in it.

In addition Michael Saylor of MicroStrategy is to hold the bitcoin conference today where they are to reveal the playbook for corporate treasury reserve managers to diversify into bitcoin.

It’s the first conference of its kind and expected to attract considerable attention as Saylor has taken a bold move in diversifying his company holdings to bitcoin, something that has handsomely paid off so far.

Marathon Patent Group is another publicly traded company to diversify into bitcoin, but whether we’ll see a trend here remains to be seen.

Regardless, retail investors have shown considerable muscle recently, with the rise of bitcoin so far being more a combination of institutional investors and individuals across the globe that appear to be flocking to crypto.