Bitcoin (BTC) is up 2.8% and Ethereum (ETH) surges 5.7% on April 10

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have both experienced significant price surges in the past few days. As of April 10, Bitcoin is trading at around $29,000, while Ethereum is trading at around $1,900.

Bitcoin’s price rally began on April 7, when the cryptocurrency experienced a sudden spike in value, rising by over 5% in just a few hours. The price increase continued over the following days, with Bitcoin breaking through the $28,000 barrier on April 9 before hitting the $29,000 mark shortly afterward.

The surge in Bitcoin’s price is largely attributed to renewed interest from institutional investors. Investment firms such as Grayscale and CoinShares have recently been increasing their exposure to Bitcoin, with Grayscale adding over 5,000 BTC to its holdings on April 8 alone.

Meanwhile, Ethereum has also experienced a surge in price, rising from around $1,700 on April 7 to $1,900 on April 10. The increase in Ethereum’s price is seen as a result of the growing popularity of decentralized finance (DeFi) applications, which run on the Ethereum network.

DeFi applications allow users to lend, borrow, and trade cryptocurrencies without the need for intermediaries such as banks or exchanges. This has led to a surge in demand for Ethereum, as crypto is used to power many of these applications.

The recent price surges of both Bitcoin and Ethereum are a positive sign for the cryptocurrency market as a whole, as it suggests that investor confidence in cryptocurrencies is growing. However, it’s worth noting that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly in either direction.