Ether Prices Surge to Over $1,850 as Crypto Market Gains
Ether, the native asset of the Ethereum network, experienced a significant surge in prices today, reaching its highest value in over two months. According to Coinbase data from TradingView, the digital token rose to around $1,850. This marks a 5.2% increase from its intraday low of $1,758 within the last 24 hours.
During this time, various cryptocurrencies also saw notable gains. Bitcoin surpassed $35,000 with a more than 10% increase in a day, while litecoin rallied around 6% to reach approximately $73.
Impact of Grayscale Ruling
A federal appeals court recently confirmed a ruling that required the U.S. Securities and Exchange Commission (SEC) to reconsider its decision to block an application for the Grayscale bitcoin trust to convert into a U.S. bitcoin ETF. This court decision has boosted market sentiment and contributed to the overall gains in the crypto market.
Crypto enthusiasts have long been advocating for a bitcoin spot ETF, with the Winklevoss twins proposing such a fund in 2013. However, the SEC rejected their proposal in 2017. Since then, the agency has approved several bitcoin ETFs based on derivatives rather than spot contracts.
Hot Take: Ether Surges as Crypto Market Reaps Gains
Ether’s price surge to over $1,850 reflects the positive momentum in the broader cryptocurrency market. With Bitcoin surpassing $35,000 and litecoin rallying around 6%, it is evident that investor optimism is on the rise. The recent court ruling requiring the SEC to reconsider its decision on the Grayscale bitcoin trust has further bolstered market sentiment.
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