Ether prices surged today, reaching their highest level in over two months amidst a positive trend in the digital currency market.
The digital currency, the intrinsic token of the Ethereum platform, touched approximately $1,850 earlier this evening, as per data from Coinbase presented by TradingView.
Reviewing ETHUSD’s price trajectory in the past 24 hours (Source: TradingView), it’s evident that the cryptocurrency increased around 5.2% from its intraday low of $1,758, as shown by additional data from Coinbase.
By reaching this mark, the cryptocurrency was trading at its peak value since around mid-August.
On a day when many cryptocurrencies witnessed significant upticks, Ether wasn’t the only one soaring, as highlighted by TradingView data.
Bitcoin, as another instance, had broken the $35,000 barrier by the time of this report, marking an impressive daily surge of over 10%.
Additionally, litecoin’s price neared the $73 mark, registering a jump of roughly 6% within a day.
Influence of the Grayscale Decision
Today’s bullish sentiment in the digital currency markets can be partly attributed to a judicial development. Many digital assets appreciated after a federal appellate court upheld a prior ruling. This mandates the U.S. Securities and Exchange Commission to reevaluate its earlier decision of denying an application. This application aimed to transition the Grayscale bitcoin trust into a U.S. bitcoin ETF.
The court’s ruling appeared to positively influence the mood in the market, contributing to the surges seen across several cryptocurrencies.
For years, the crypto community has championed the establishment of a bitcoin spot ETF. A notable attempt was made in 2013 by Tyler and Cameron Winklevoss, which garnered significant media attention. However, in 2017, the SEC turned down their proposed bitcoin fund.
Subsequently, while the SEC declined that particular application in 2017, it has since greenlit several bitcoin ETFs. Notably, these approved ETFs are anchored in derivatives rather than spot contracts.