Ether prices climbed today, reaching their highest value in over two months as the digital currency markets experienced widespread gains. The native asset of the Ethereum network, Ether, rose to approximately $1,850, according to Coinbase data provided by TradingView.
Ethereum Reaches New Heights
Within the last 24 hours, Ether had risen by approximately 5.2% from its intraday low of $1,758. This surge brought it to its highest level since August 15. Other digital currencies also benefited from notable gains during this time. Bitcoin, for example, exceeded $35,000, showing a 10% climb in a day. Litecoin also rallied around 6% within 24 hours, reaching a price of $73.
Impact of Grayscale Ruling
The strong performance of the cryptocurrency market can be attributed, in part, to a recent federal appeals court ruling. The court confirmed an earlier decision that prompted the U.S. Securities and Exchange Commission to reconsider blocking an application for the Grayscale Bitcoin Trust to convert to a U.S. Bitcoin ETF.
“The court decision has had a positive impact on market sentiment, contributing to the current gains,” said an industry analyst.
There has been a long-standing desire within the crypto community to establish a Bitcoin spot ETF. The rejection of the Winklevoss twins’ proposal in 2017 dampened the initial enthusiasm, but since then, the SEC has approved several Bitcoin ETFs based on derivatives.
