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Ethereum reaches new historic record as Bitcoin exceeds $ 38,000

The two largest cryptocurrencies are on the rise today, as Ethereum reaches a new historical record, while Bitcoin is returning to the previous one.

Both Ethereum (ETH) and Bitcoin (BTC) rose today, with the first reaching another historic record of just over $ 1,720, according to the CoinGecko cryptographic platform.

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

At the time of writing, Ethereum was trading at $ 1,718, up 5% on the day. The market capitalization of the currency – the combined price of the entire ETH in circulation – amounts to approximately $ 195.9 billion, with a daily trading volume of over $ 40 billion.

Ethereum has shown a strong upward trend in recent weeks, rising from $ 640 to its current price in just two months and surpassing its previous record in early January.

Bitcoin, on the other hand, hasn’t broken a record today, but its price has exceeded $ 38,000, potentially preparing the cryptocurrency to take another hit at its $ 41,940 ATH on January 8. Currently, BTC is trading at US $ 38,091 per currency.

The cryptocurrency is currently undergoing a correction after rising from $ 10,000 to over $ 40,000 on January 8. A large amount of institutional investment has given the asset a great boost and continues to fuel its growth momentum.

As reported by Decrypt, the latest wave somewhat coincided with a large transfer of 14,875 BTC – worth more than $ 556 million – from cryptocurrency exchange Coinbase Pro wallets. Another massive Bitcoin “exodus” from Coinbase Pro occurred on January 31, when more than 15,200 BTC (almost $ 500 million) were transferred from the exchange’s portfolios in just one day.

Although the demand for Bitcoin has been growing recently, your offer on exchanges is decreasing, resulting in upward pressure on prices.

Source: Decrypt

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