But the way crypto assets oscillate it may as well be changing wind direction that caused the surge.
Among cryptocurrencies, Bitcoin traded at $38,300, up 12%, while Ethereum rose 10% to $2,331. Bitcoin hit a record high of $65,000 in April but plunged to $30,000 last week.
What appears to be happening is that investors flush with capital are looking for return anyplace they can find it, and digital investments are fitting the bill. Speculators are giddily pushing prices sky high.
Clearly there’s a place for many new digital products. But for investors and speculators t’s not about finding practical uses for these products. It’s simply about buying them and then selling at a higher level.
Last week, TheStreet's founder Jim Cramer called Ethereum a “pied piper security.” He said Ethereum is the currency to watch after the positive comments from Musk and Wood.
"Musk is out there saying he buys Ethereum, and therefore Ethereum goes higher,” Cramer said. “It's a Pied Piper security.”