Ether Prices Reach A 2-Month High As Crypto Markets Experience Broad Rally
Ether prices climbed today, rising to their loftiest value in more than two months as the digital currency markets enjoyed widespread gains.
The digital token, which is the native asset of the Ethereum network, rose to roughly $1,850 earlier tonight, according to Coinbase data provided by TradingView.
The chart below depicts these price movements:
ETHUSD price movements within the last 24 hours. Source: TradingView
At this point, the altcoin had risen approximately 5.2% from the intraday low of $1,758 it reached within the last 24 hours, additional Coinbase figures reveal.
Further, by climbing to this level, it was trading at its highest since roughly August 15.
The cryptocurrency experienced this upside during a day when many digital currencies benefited from notable gains, according to further data from TradingView.
Bitcoin, for example, had surpassed $35,000 at the time of this writing, climbing more than 10% in a day.
Past that, the price of litecoin approached $73, rallying around 6% in less than 24 hours.
Impact Of Grayscale Ruling
The digital currency markets have had a great day, with many cryptocurrencies rising in value after a federal appeals court confirmed a ruling made earlier this year, which resulted in the U.S. Securities and Exchange Commission needing to reconsider its decision to block an application that would have caused the Grayscale bitcoin trust to convert to a U.S. bitcoin ETF.
The court decision seemingly bolstered the sentiment of market participants, which helped fuel the aforementioned gains.
Crypto enthusiasts have been pushing to create a bitcoin spot ETF for years. Tyler and Cameron Winklevoss proposed such a fund in 2013. At the time it made headlines, but the SEC rejected the proposed bitcoin is fun. in 2017.
The SEC went on to reject the application for the aforementioned in 2017. Since that time, the government agency has approved several bitcoin ETFs that are based on derivatives instead of spot contracts.