Ether prices rose today, rising to their highest value in more than two months, as digital currency markets enjoyed widespread gains.
The digital token, which is the native asset of the Ethereum network, rose to roughly $1,850 tonight, according to Coinbase data provided by TradingView.
The chart below shows these price movements:
ETHUSD price movements in the last 24 hours. Source: TradingView
At that point, the altcoin had rallied roughly 5.2% from the intraday low of $1,758 it hit in the past 24 hours, additional figures from Coinbase reveal.
Also, when it rose to this level, it was trading at its highest since about August 15th.
The cryptocurrency experienced this advantage during a day when many digital currencies benefited from notable gains, according to additional data from TradingView.
Bitcoin, for example, had passed $35,000 at the time of writing, rising more than 10% in one day.
After that, the price of litecoin came close to $73, increasing about 6% in less than 24 hours.
Impact of grayscale decision
Digital currency markets have had a big day, with many cryptocurrencies rising in value after a federal appeals court upheld a decision earlier this year that prompted the US Securities and Exchange Commission should reconsider its decision to block an application that would have caused the grayscale bitcoin trust to become a US bitcoin ETF.
The court decision appears to have bolstered sentiment among market participants, which helped fuel the aforementioned gains.
Crypto enthusiasts have been pushing for a local bitcoin ETF for years. Tyler and Cameron Winklevoss proposed such a fund in 2013. It made headlines at the time, but the SEC rejected the proposal bitcoin is funny. in 2017.
The SEC rejected the aforementioned’s request in 2017. Since then, the government agency has approved several bitcoin ETFs that are based on derivatives instead of spot contracts.