Ethereum has caught the eye of institutional investors at Grayscale in a big way, and the market appears to be responding to the news.
Ethereum, the second largest cryptocurrency by market cap, is having itself a very good day.
The price of ETH has increased by more than 10% in the past 24 hours, now trading for just above $171 per coin.
It’s a marked turnaround for the crypto which, just last Wednesday, was trading for as low as $157.
Why the surge in interest? It could have something to do with institutional investors and their apparent fondness for Ethereum.
Earlier today, New York-based investment firm Grayscale reported more Ethereum inflows this past quarter, a record $110 million, than all previous inflows for the cryptocurrency.
Institutional investors are buying $ETH
The cat is officially out of the bag
From the latest @GrayscaleInvest report:
Ethereum Trust saw $110M in Q1 inflows
This is more than all of its previous inflows combined for the past 2 years ($95.8M)
— Spencer Noon (@spencernoon) April 16, 2020
If that’s not enough, Q1 reports from DappRadar and DappReview show Ethereum’s network is thriving, even as rivals see diminishing users.
Ethereum, unlike EOS and Tron, gained new users over the last year—a boost of 64% growth, according to DappRadar. And Ethereum DeFi projects grew by an astounding 800% over the last 12 months, according to DappReview.
Meanwhile, the rest of the market is in the green as well. Bitcoin is once again trading above $7,000 per coin, while Bitcoin Cash, Litecoin and EOS have each increased in price by between 4% and 7%.
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