Ethereum 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.
With volumes spiking too, doubled for eth in the past 24 hours to above $2 billion for the first time in many weeks.
Bitcoin rose too again at precisely 12 o’clock after crossing $7,000, with the currency then up by $1,000 within an hour to above $8,000.
Its 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.
What exactly is happening here we don’t know, but there has been a slight change in the past few days in price movements.
Usually, 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.
Then, rather than crashing badly as it used to, it managed to hold $390, sidewaying there before taking $440, with the currency then sidewaying at $420 before this recent spike.
That could suggest that sentiment might have changed with bulls perhaps now taking charge after a stupendous fall for the past four months.
While the spike itself might perhaps indicate that institutional investors are now starting to play a bit more with cryptos.
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.
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.