Today, Ether prices ascended, reaching their highest point in over two months, as the digital currency markets celebrated broad gains.
The digital token, native to the Ethereum network, reached approximately $1,850 earlier in the evening, based on Coinbase data sourced from TradingView.
The following chart illustrates these price fluctuations:
At this juncture, the altcoin had surged by approximately 5.2% from its intraday low of $1,758 recorded within the past 24 hours, as additional data from Coinbase indicates.
Furthermore, by reaching this level, it marked its highest point since around August 15.
This upswing in the cryptocurrency occurred on a day when numerous digital currencies enjoyed significant gains, as per additional TradingView data.
For instance, Bitcoin had surpassed $35,000 at the time of this report, posting a gain of over 10% in a single day.
Moreover, the price of Litecoin approached $73, demonstrating a rally of approximately 6% in less than 24 hours.
Consequences of the Grayscale Ruling
The digital currency markets enjoyed a notable day as a federal appeals court reaffirmed a decision earlier this year, compelling the U.S. Securities and Exchange Commission to reconsider its rejection of an application seeking the transformation of the Grayscale Bitcoin Trust into a U.S. Bitcoin ETF.
This court ruling evidently boosted market confidence, contributing to the aforementioned price increases.
Crypto enthusiasts have long been advocating for the creation of a Bitcoin spot ETF. The Winklevoss twins, Tyler and Cameron, proposed such a fund in 2013, generating significant attention. However, the SEC declined the proposal in 2017.
Subsequently, in 2017, the SEC also rejected the application mentioned above. Since then, the regulatory agency has approved several Bitcoin ETFs based on derivatives rather than spot contracts.