Cryptocurrency Market Soars as Grayscale Wins SEC Lawsuit

Author: COINTURK NEWS

The cryptocurrency market has experienced an upward momentum following Grayscale’s victory in the SEC lawsuit. Within the past 24 hours, Ethereum (ETH) has gained significant value, surpassing the $1700 price level.

Cryptocurrency Market on the Rise

The Grayscale lawsuit has had a strong impact on the cryptocurrency market. With the announcement of Grayscale’s victory in the SEC lawsuit, the market quickly surged. Yesterday, the leading cryptocurrency Bitcoin (BTC) exceeded the $28,000 level, but after its recent price movements, it began trading at around $27,300.

Most altcoins in the cryptocurrency market have also experienced significant value increases due to the rise in BTC and the overall market capitalization of the crypto industry reached $1.09 trillion, according to CoinMarketCap (CMC) data.

The market’s upward movement has also led to increased volatility. According to Coinglass data, the cryptocurrency market witnessed the liquidation of approximately $150 million worth of short and long positions within the past 24 hours.

Ethereum (ETH) Surpasses Critical Price Levels

Over the past few weeks, Ethereum (ETH) has been fluctuating between the $1600 and $1700 levels. Although it tested the $1700 level multiple times, it experienced a decline and dropped to $1650. However, with the rise of the cryptocurrency market due to the Grayscale lawsuit, ETH, like many other cryptocurrencies, has reversed its course and started moving upwards.

Ethereum (ETH) has surpassed the $1700 level, which it has tested multiple times in the past, with the value increase it has recorded within the past 24 hours. It reached as high as $1740 yesterday. Following the recent surge, ETH’s total market capitalization has exceeded $200 billion. Additionally, ETH’s 24-hour trading volume has increased by over 100%.

Furthermore, Santiment, a cryptocurrency analysis platform, recently evaluated the current situation of Ethereum and highlighted critical metrics. The platform suggested that important indicators such as development activity and network activity did not show a significant decline, indicating that current metrics are not at alarming levels.